Plus points and prospects during the pandemic

While the Australian economy has taken an unprecedented hit due to the pandemic, Financial Adviser Maria Papa shares it still brings some good financial news for some.

Restaraunts and cafes will only be able to offer food delivery and takeaway services under new Coronavirus measures. Source: AAP

Highlights

• The pandemic might be an opportune time to buy a first house and seek a loan for a solid business.
• Nine million people in Australia are still employed.
• There are good job prospects in industries such as supply and logistics.

The pandemic has caused many businesses to close down and thousands of people to lose their jobs.

However, while the pandemic has certainly been an economic nightmare, Financial Adviser Maria Papa shares that it has also resulted in consequential positives for some.

The upsides

Experts predict that mortgages will continue to have low interest rates in the next 2-3 years. Source: bongkarn thanyakij from Pexels

Because entrepreneurial endeavours and the housing market have been struggling during the pandemic, the government has concentrated its efforts in keeping these industries afloat.

"If you have a mortgage, now is a good time to save. Interest rates are low and are projected to remain low for 2-3 years."

"The government is throwing a lot of grants and concessions, especially to first home buyers. There are also a home builders scheme and home owner grants for those wanting to purchase a house."

The Reserve Bank of Australia (RBA) is also helping generate employment by coursing $57 billion through the banks to lend to businesses needing assistance.

"If your business is struggling because of the pandemic, but it is forseeable that you can pick up the pieces after, you can go to a lender for a loan. The RBA hopes that the money lent will further help the economy bounce back."

Employment prospects

Lockdowns have made the supply and logistics industries more profitable. Source: Tiger Lily from Pexels

"Employment has been a disaster because of the pandemic; however, around nine million people in Australia are still employed. If you're one of them, you're in a good position."

If you unfortunately lost your job due to the pandemic, Maria shares there are particular industries you can look into for employment.

"Delivery services are doing well - those delivering food and groceries to homes. Some are even doing better now than they did before the pandemic."

"Anything related to the supply chain - warehouse, transport and logistics - has promising prospects. For example, fork lift drivers are in demand."

While Maria acknowledges that the jobs available right now might not be what some hope for, she shares that it might be best to have a "for now" mentality.

"It will be temporary - just for now. It will help you get by."

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