ap: How Australia’s Economy is Managing to Bounce Back After COVID-19
04 Apr 2022 apnews.com
MELBOURNE, Australia, April 04, 2022 (GLOBE NEWSWIRE) -- Economies around the world were undeniably doing it tough in 2020 through the onset of the COVID-19 pandemic, Australia being no exception. However, Australia’s economy has bounced back quickly and performed very well throughout 2021. Hejaz Financial Services, the leading Australian provider of Islamic finance, gives a review of 2021’s economy and explains how it managed to stand strong throughout the pandemic.
According to Hejaz Financial Services, 2021 saw the Australian government pouring stimuli into the economy in an attempt to protect businesses and households around the country from a prolonged recession. JobKeeper was extended to help businesses retain their employees, financing rates were lowered and credit was boosted, explains the Halal home loan expert. This attempt to revive the economy was successful, seeing a 9.6% expansion in the second fiscal quarter due to increased consumer spending and an unexpectedly strong resurgence in the employment market.