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Coronavirus: Jobs at stake as outbreak intensifies

Published: (Updated: ) in Australian News by .

Thousands of jobs could be on the line if Australia’s economy and tourism industry continues to fall due to coronavirus.

As coronavirus continues to spread into every aspect of life, the impact on the economy could cost as many has 100,000 jobs.

Experts suggest the virus could cost Asia Pacific economies including Australia, $320 billion, and force unemployment up at least one per cent.

Worker at his post on the floor of the New York Stock Exchange, as stocks slumped and bond prices soared for the second day in a row.

If unemployment does rise so significantly, that could potentially result in 100,000 Australians out of work.

The education and tourism industries have already taken a major hit with treasury officials estimating $10 billion could be lost from the Australian economy in just three months just to those two sectors alone.

Australia's economy was already struggling at the beginning of 2020 due to the bushfire crisis which left the country's tourism industry in tatters.

READ MORE: States plan for worst as coronavirus spreads

A Qantas employee has been stood down after raising coronavirus fears (file photo).Devastation on Kangaroo Island as tourists cancel plans to visit popular destination.

Extended travel bans have prompted the tourism sector to call for more financial assistance to boost communities struggling to maintain business.

The government has now issued travel bans for China, Iran and South Korea with other nations including Italy and Japan on the horizon.

The economy is expected to shrink by at least 0.5 per cent during the March quarter due to the spread of coronavirus and with the virus expected to peak in May, that figure is set to increase.

The tourism industry has warned one month's effective closure of the Chinese market amounted to more than $1 billion in lost spending.

Countries with confirmed cases of coronavirus as of March 5.

Source: 9News

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