The reduction in air travel has reduced air freight availability, making it difficult for industry players to transport high-value fresh seafood, such as rock lobster, to export markets. In 2021-22, the national unemployment rate is forecast to fall 0.98 percentage points, to 6.72%. As a result, more homeowners are expected to more consider constructing or buying houses in regional areas, dampening demand for multi-unit apartments and townhouse construction in 2020-21. Rising unemployment and falling household disposable incomes have already prompted a shift from higher priced specialty cheeses towards more affordable everyday cheese varieties. Wages growth is expected to continue at around its current pace over the forecast period. 2021 Forecast. Potential buyers may consider building a full residential property instead of an apartment with the support of the HomeBuilder grant. While retail sales have increased, the product mix has changed as a result of the economic fallout from the COVID-19 pandemic. As Victoria has now successfully contained COVID-19, recording 0 cases over the two days through 27 October, interstate border restrictions are expected to ease by Christmas 2020. As rock lobster exports to China fell by 29.0% to $502.1 million in 2019-20, improved international freight capacity is expected to substantially benefit the industry in 2020-21. GDP is expected to recover over the second half of 2020-21, and rebound strongly in the following financial year. The Gross Domestic Product (GDP) in Australia contracted 3.80 percent in the third quarter of 2020 over the same quarter of the previous year. Overall, revenue for the Travel Agency and Tour Arrangement Services industry is expected to decline by 28.9% during 2020-21, to total $5.3 billion. The ongoing lockdown of Victoria in the wake of a second COVID-19 outbreak has continued to hinder the economy, particularly as interstate borders have remained closed to recreational travel. Pharmacy flu vaccination numbers rose significantly in 2019-20 amid COVID-19 fears, with higher pharmacist-administered vaccination numbers likely to occur again in 2020-21. A surge in remote working as a consequence of the COVID-19 outbreak has further reduced demand for industry services, as the expansion of working-from-home capabilities has decentralised the working population. LEARN MORE, What information do you want to see from IBISWorld on COVID-19? Many Australians remain highly uncertain about the economic outlook, particularly in the wake of the damaging second wave of COVID-19 in Victoria. Industry operators facilitate meal and food deliveries through bookings made on their online platforms. Industry revenue is forecast to climb by 6.6%, to $35.0 billion, during 2020-21, despite weaker demand for roadwork on new residential subdivisions due to the COVID-19 outbreak. The labour market and inflation forecasts are little changed from the November Statement. Consequently, industry revenue fell by 22.5% in 2019-20. Furthermore, recovering demand for Australian rock lobster from China is anticipated to drive industry revenue growth in 2020-21. However, the Federal Government’s JobKeeper program has reduced the outbreak’s impact on unemployment. Over the past three months, most Australian states and territories have recorded minimal COVID-19 cases, and most economic activity has resumed. The government has also introduced personal income tax cuts. We use cookies to ensure that we give you the best experience on our website. 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