June 4, 2020
A new study says the economic impact of COVID-19 on the South Burnett’s economy may not be as bad as it will be on the rest of Queensland.
While the State’s economy is expected to contract by 12 per cent in the June quarter, the study forecasts the South Burnett’s economy will only drop by 9.3 per cent.
It also predicts that local employment will fall by -6.1 per cent to June 30, which equates to the loss of 780 local jobs.
However, this would rise to -11.5 per cent (ie. 1466 jobs) if the Federal Government’s JobKeeper support package was withdrawn.
The study is based on a model developed by the National Institute of Economic and Industry Research.
Demographic analysts .ID have used this model to project the economic effects of the pandemic at a local government level.
According to .ID, the three employment sectors in the South Burnett most affected by pandemic restrictions are Accommodation and Food Services (-174 local jobs); Professional, Scientific and Technical Services (-120 local jobs); and Education and Training (-111 local jobs).
All other employment sectors have also been affected except for Health Care and Social Assistance, where 200 jobs have been created.
.ID notes that its study is based on data available up to May 7.
It also warns that outcomes may change depending on how effective COVID containment efforts are.
- External link: COVID-19 Economic Outlook Tool
- Related article: Burnett Faces ‘Slight’ COVID-19 Impact