SYDNEY — The Australian Parliament has passed a 130 billion Australian dollar or $80 billion at current exchange wage subsidy package designed to assist businesses retain their workforces throughout the coronavirus crisis.
According to ratings agency S&P Global, which has put Australia’s AAA credit rating on negative watch, the economic impact of COVID-19, notably the response costs, will plunge the country into recession for the first time in almost 30 years. According to Roy Morgan Research, the crisis represents the biggest shock to the Australian economy since World War II.
According to the Australian Retailers Association store closures have impacted approximately 40 percent of Australia’s 1.3 million retail workers. Results are due in a couple of weeks, but based on anecdotal feedback to date from its 500 members, the organization anticipates there could be as much as a 50 percent industry-wide decline in revenues for fiscal 2020, which finishes on June 30, AFC chief executive officer Leila Naja Hibri told WWD. Beyond zero clarity on when the shutdown will end, there is also the matter of “prolific” order cancellations, she said.
Participating brands include Ellery, We Are Kindred, Aje, Bassike, The Daily Edited, Camilla, Nobody Denim, Nique, Ginger & Smart, Matteau and R.M. Williams. View this post on Instagram as an australian designed and made label, bassike is proud to be taking part in the #wewearaustralian campaign throughout the month of april. like many others, the australian fashion industry and the thousands of people it employs is currently under threat, so to raise awareness and to continue to support australian designers and makers in these uncertain times, we have joined our friends and local industry to encourage our community to shop local first.
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