The COVID-19 pandemic has seen business and economies evolve at a rapid pace. A report has been released exploring the business sectors that have benefited or struggled over the past 12 months, as well as highlighting the potential changes for the Australian and global economy throughout the next decade.

The Australian Dollar (AUD) has pushed sharply higher over the last six months as low interest across the world and hopes for a global recovery sent financial markets, especially US shares, to new highs.

However, the rally in the AUD to US Dollar (USD) paused once it hit the major technical zone up near 0.8000, a market level that has seen the pair turn lower on every approach for five years.

The Australian economy faces a major shift as the Federal Government’s JobKeeper program winds down.

Australian employment, along with growth numbers, have been remarkably strong thanks to the mostly effective containment of COVID-19 and strong government support.

The flagship JobKeeper ended in March and could see Australian employment, which fell from a high of 7.5 per cent in August 2020 to 5.6 per cent in March, rebound.

The local central bank, the Reserve Bank of Australia (RBA), will take some comfort from the recently weaker AUD.

However, rising house prices mean that there is building pressure for the RBA to consider rate hikes. Any suggestion of tighter policy could boost the AUD.

Global industry outlook

While sentiment has improved across the globe, the upcoming year will undoubtedly prove to be one of transition as business leaders continue to assess the damage caused by COVID-19 and recalibrate their plans for the future.

Western Union Business Solutions recently published its Global Industry Outlook report – prepared with Oxford Economics – that looks at how the Australian and global economy might change over the next few years. Some highlights include:

• Which business sectors have benefited the most over the last 12 months?
• Which sectors are most resilient to COVID-19 lockdowns?
• Where could we see post-pandemic acceleration over the next decade?

The report can be downloaded here.

Background information

Western Union Business Solutions enables companies of all sizes to send and receive cross-border payments and manage foreign exchange. With deep expertise in moving funds around the globe and access to more than 130 currencies, it helps companies spend less time managing international financial transactions and more time growing their businesses.

Western Union Business Solutions has extensive experience working with clients in a variety of sectors, including manufacturing, non-governmental organisations, charities, agriculture and mining. It also offers customised solutions for legal, financial and educational institutions, and works with its clients to ensure it understands their unique business needs.

Whether you require an online payment solution or personalised support to help guide you through the world of foreign exchange, the industry expertise and distinguished service portfolio enables you to make international payments and manage currency risk with confidence.

Find out more

Please visit the Western Union Business Solutions website.