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Profit, wages to plunge $60b

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Australian Financial Review

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Summary | 7 Annotations
the four months from the start of April, Deloitte Access Economics estimates.A new analysis by the firm says losses will reach that figure even after allowing for the billions of dollars in fiscal support to families and businesses being rolled out by the Morrison government.Accommodation and food businesses such as cafes, restaurants, pubs, hotels and motels will be short about $8 billion in lost wages andprofits in the next handful of months.Already there are more than 240,000 hotel rooms closed or unoccupied and 300 hotels have shut their doors entirely."That’s the biggest hit to any industry, especially given that this isa small industry, accounting for only about one fortieth of the economy overall," Deliotte's Chris Richardson said.Temporary pub closures across the country have seen groups such as Woolworths make warnings about profit growth.
2020/04/29 04:27
a $5 billion hit to
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der $5 billion even tho
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near term settlements may be delayed," m
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$6 billion. It
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lost income in education remains small.
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re than $2 billion.
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