Recovery optimism?

harryopal

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I understand the need for governments to sound positive when talking about the economy but am bemused at the continuing assertions that the Australian economy is bouncing back and the outlook looks great. The value to Australia of International tourism was said to be worth $152 billion, supporting 300,000 businesses and employing 600,000 people. Annual expenditure on international tourism by Australians has been in the order of $41 billion. While domestic tourism may pick up somewhat I doubt that Australians who might otherwise travel overseas will spend an equal amount within Australia. I am inclined to think that the loss of $152 billion is no small matter

It seems to me that it may take some years before the economic dislocations caused by Corona will settle. And as for Indonesia I suspect that travel advisories offered by many western governments may see Indonesia as a place to be avoided for quite a while. Scrolling through the present Australian government travel advisories only New Zealand is suggested as a possibility with "Exercise a high degree of caution,"

Am I being unduly pessimistic?
 

Helpful Herbert

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Mar 24, 2019
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Well Australia has said the earliest they are looking to open up is late 2022 (https://www.channelnewsasia.com/new...orders-could-be-shut-until-late-2022-14761644)
I imagine it will be similar in the whole Asia Pacific.

So even though foreign tourism is pretty much dead for the foreseeable future, domestic tourism can still open up gradually, and a lot of other sectors (such as mining / commodities / professional services / telecoms / finance) carry on without much disruption. So when one sector of the economy goes through a hard time, people move into other sectors, and life goes on.
 

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