Increased Unemployment, and decline in Property prices in Australia? | Market Update

  • May 11, 2020 AEST
  • Team Kalkine

Insurance and banking giant Suncorp will take a hit of $133 million on account of the COVID-19 crisis and has revealed incorrect payments to staff will cost it up to $70 million. Suncorp said COVID-19 will have a range of impacts across its businesses due to the expected sharp deterioration in the economy, increased unemployment, and a decline in residential and commercial property prices.

One of Latin America's largest airlines has filed for Chapter 11 bankruptcy protection in New York, saying the COVID-19 pandemic has devastated its business. Avianca Holdings said in a statement that the move is aimed at continuing operations and preserving jobs when it is able to resume normal operations following a global health emergency that has grounded 90 percent of global air traffic.

Cochlear chief executive Dig Howitt has warned it's still too early to predict the true impact of coronavirus on the hearing implant maker, which is in "unchartered territory" due to economic slowdowns and pauses on elective surgery.

#bankingnews #propertyinvestment #covid19australia

 


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