A post-pandemic
phenomenon known as the Great Resignation hit
Australia in 2021 when 10 per cent of the Australian work force quit their jobs
foreign based gambling operators have been almost impossible to obtain. Penalties and fines are high and quick to be dished out.
A harsh crackdown means big operators such as 888, PartyPoker and Pokerstars have all left the Australian market.
A bill to amend the federal online law to allow for regulated online poker was submitted but Covid put a halt to any negotiations at the time.
A GENERAL OVERVIEW
It’s been a tough few years for Australians. In September 2020 the country confirmed the economy was in recession for the first time in 30 years due to repercussions of the Covid pandemic and GDP fell by seven per cent in June 2020 quarter. However, since December 2020 the country has been recovering with this year seeing a 4.2 per cent growth in GDP with a 2.5 per cent growth estimated for 2023.
Covid highlighted education inequalities and
(around 1.3 million) due to the demands that working during Covid highlighted and caused issues for many employees.
also took its toll on young businesses whilst more recently severe flooding in several states is adding to the financial demands on the government. Meanwhile inflation, an increase in shipping costs, strains on global supply chains and labour shortages are all issues.
House prices have increased by 39 per cent over the last two years and it is said that 6.5 per cent of employed people have more than one job to cover the rising costs of living.
A post-pandemic phenomenon known as the Great Resignation hit Australia in 2021 when 10 per cent of the Australian work force quit their jobs (around 1.3 million) due to the demands that working during Covid highlighted and caused issues for many employees.
Te unemployment rate was around 3.5 per cent in August 2022 and there’s been an increase in job ads as there are also staff shortages.
KPMG has forecast the unemployment rate will rise to 4.5 per cent in 2023 due to the impact of high inflation, higher interest rates and falling wages resulting in the loss of up to 150,000 jobs.
Tourism is a major player for the Australian economy, with domestic and international tourism spend totalling $122bn in 2018/19. During that year Australia generated $60.8bn in direct tourism GDP and employs around five per cent of the Australia workforce.
Covid of course had a huge impact on travel. Te majority of visitors into Australia usually come from New Zealand, India, UK, Singapore and the USA.
When Covid hit the Australian government first responded by placing travel restrictions on those travelling to Australia from mainland China which began on Feb 1 2020. Restrictions on
WIRE / PULSE / INSIGHT / REPORTS P23
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