While your spirit wriggles with the varying holiday prospects, your realism backed by the cognisance appears to be standing in the path of your travel plans. The reservations for your Easter vacations which you used to make months before (obviously, nothing can be viler than the exorbitant peak prices) remains pending while you ponder over the Coronavirus dissemination map. And as your empathy-filled heart wonders about your Chinese counterparts, you find a corner to lament for your individual losses brought upon by the deadly coronavirus.
The remaining positive hopes concerning coronavirus entered the evolved stage of dissipation as Australian PM Scott Morrison in his speech sighted coronavirus to be gripping Australia. Referring to coronavirus as ‘Global Pandemic’, Morrison said that although WHO’s stance Coronavirus’ shift towards the pandemic phase remains awaited, the risk of coronavirus is vexing different sectors in Australia. The PM raising concern regarding the risk of the Wuhan-originated disease indicated the need to be prepared in advance for the disease.
As on 2 March 2020, 88,948 confirmed cases of Covid-19 had been reported worldwide with the death toll rising to 2,915 deaths. While China, the epicentre for the disease witnessed 80,174 cases, coronavirus has spread to 64 countries along with the Diamond Princess ship. The disease now not limited to a single country appear to be antagonising people’s fear as the Wuhan-originated disease takes the form of a pandemic.
Travel and Education Sector Bearing the Inflictions
Australia has taken a strict quarantine measure primarily in the form of travel bans that have resulted in the suspension of the flights from mainland China. The suspension in the travel activities bears significant loss to the tourism and interrelated industries. A substantial proportion of the travel economy relies on Chinese tourists whose actions directly or indirectly go into increasing the nation’s GDP. However, travel bans have resulted in the loss of tourism from China while the rest of the world contemplates their travel plans.
The blow on Chinese tourism is not only limited to the loss of Chinese travellers, but Australians refraining from executing their travel plans further deteriorates the state of affairs for the travel industry. Amidst the growing fear surging with the addition of thousands of new cases each day, people are not minding dropping all their travel goals in exchange for their vital health.
The resonating effect of travel bans can be felt by the Australian Education sector, which heavily relies on international students from China and other Asian countries. The travel ban imposed on China owing to the extremely contagious nature of Covid-19 is restricting the Chinese students from taking up their studies in their enrolled courses.
The students who went on their vacations are not able to return to pursue their enrolled courses. A conflicting situation pertaining to the fee refund has initiated a tug of war between reputation and revenue of the Australian education sector which eventually would bear adverse consequences to the long-thriving Australian academic scenario. Australian universities alongside the Chinese students are sharing woes as they both lament on their respective losses. Empathising with the Australia’s most affected sector, PM offered modest and scalable assistance to the industry players.
Dissipating the awaited hopes as Shocking Waves hit the Australian economy
The direct impact of coronavirus on the wellbeing of the people is very much evident from the statistics so far as the world is acknowledging rising death tolls and extreme case of contagiousness.
While WHO’s and other health bodies stance regarding the disease yet remains clouded, coronavirus has started to be perceived as a global health emergency. Amidst such chaotic scenario sending waves of dubiousness in the minds of people, the varying industries and sectors appear to be shuddering from the direct as well as the ancillary effect of the disease.
While we bear witness to the loss in the tourism and education sector, our one-sided view shields us from acknowledging the damage done by the coronavirus in other areas. As we sit contemplating the long-reaching impact of the coronavirus with the far-sighted understanding, we realise that our multifaceted economy is inflicted in different directions. While we change our meagre plans owing to the outbreak, the investors are much quicker to respond in a similar fashion sending the stocks tumbling in the Australian market.
The Australian economy bears a strong association with China, as the latter, being the most crucial importer of goods and services accounting for more than 30% of the total Australian exports. However, the halt on the production and further infrastructural developments have altogether created resulted in the reduced demand of the raw materials such as in mining sector that were imported from Australia. The varying industry players in Australia owing to such troubling conditions are acknowledging decline in their revenues and profits.
Furthermore, the transportation barriers placed as one of the critical quarantine measures are posing an adverse impact on trade activities. As the Australian goods and service marketers eagerly wait for the lifting of the restrictions, PM’s remark regarding the severity and extensive spread of the disease comes as a striking blow to such growing aspirations.
Reckoning the need for Advance Preparations
Considering the cases of coronavirus, it appears that desperate time is calling for desperate measures. Understanding the criticality of the Wuhan-originated outbreak, the Australian government buckles up with the response plan for coronavirus that seeks preparation to counter the epidemic depending upon the seriousness of the epidemic.
While in the current scenario, the government does not plan on imposing any directive impacting the day-to-lives if the people, the strict guidelines could be implemented in case the outbreak worsens in Australia.
Morrison’s serious viewpoint regarding the pandemic nature of coronavirus alongside the activation of the plan that would involve screening of the Australian borders by Commonwealth represents the government’s serious stance towards the burgeoning epidemic. As the government gears towards providing modest assistance to severely hit sectors, the efforts are directed at maintaining the national stockpile along with ensuring hospital capacity.
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With the pandemic continuing to affect the globe, healthcare companies are evaluating their lead compounds for COVID-19 treatment. Future revenue for these stocks depends on the probability of launching an approved treatment in the market.