How Australia’s Economy is Managing to Bounce Back After COVID-19

Economies around the world were undeniably doing it tough in 2020 through the onset of the COVID-19 pandemic, Australia being no exception. However, Australia’s economy has bounced back quickly and performed very well throughout 2021. Hejaz Financial Services, the leading Australian provider of Islamic finance, gives a review of 2021’s economy and explains how it managed to stand strong throughout the pandemic.

According to Hejaz Financial Services, 2021 saw the Australian government pouring stimuli into the economy in an attempt to protect businesses and households around the country from a prolonged recession. JobKeeper was extended to help businesses retain their employees, financing rates were lowered and credit was boosted, explains the Halal home loan expert. This attempt to revive the economy was successful, seeing a 9.6% expansion in the second fiscal quarter due to increased consumer spending and an unexpectedly strong resurgence in the employment market.

According to Hejaz Financial Services, 2021 saw the Australian government pouring stimuli into the economy in an attempt to protect businesses and households around the country from a prolonged recession. JobKeeper was extended to help businesses retain their employees, financing rates were lowered and credit was boosted, explains the Halal home loan expert. This attempt to revive the economy was successful, seeing a 9.6% expansion in the second fiscal quarter due to increased consumer spending and an unexpectedly strong resurgence in the employment market.

As awareness of the Islamic finance industry has grown over the last couple of years, Hejaz Financial Services has seen significant growth in the Islam finance sector in particular. They explain that 2020 and 2021 enjoyed a rise in Halal loans and the industry has been seeing an increasing number of competitors pop up during that time. The next step, according to Hejaz Financial Services, is to establish the industry’s first Islamic bank in order to provide Australians with a full suite of financial and banking services that align with their beliefs and values. 

Looking ahead to the remainder of 2022, the expert Sharia loans provider predicts continued economic growth, especially as eased restrictions mean Australians return to offices, shopping centres and restaurants and opened international borders allow tourists and international students to return. Notably, tourism and education are two of the biggest contributors to the Australian economy.

Already in the process of applying to become Australia’s first 100% digital Islamic bank, Hejaz Financial Services is confident that they are the leading provider of Islamic financial services in Australia and will continue to serve Australians ethically, in as many ways as possible, for a long time to come.

Contact us – 

Level 11, 2 Queen Street Melbourne 3000

PO BOX 96 Flinders Lane VIC 8009

1300 043 529

Source: Hejaz Financial Services