section_path: Economic impact by continent, region and country/Oceania/Australia
section_name: Australia
paragraph_text: Australia
  
  Early estimations have Australian GDP contracting by 0.2% to 0.5% and more than 20,000 Australian jobs being lost. The Australian Treasurer, Josh Frydenberg said that the country would no longer be able to promise a budget surplus due to the outbreak. The Australian dollar dropped to its lowest value since the Great Recession.
  
  A large amount of protective face masks were purchased by foreign and domestic buyers, which has sparked a nationwide face masks shortage. In response to price increases of nearly 2000%, the Pharmaceutical Society of Australia has called on these "unethical suppliers" to keep supplies affordable.
  
  Tourism bodies have suggested that the total economic cost to the sector, as of 11 February 2020, would be A$4.5 billion. Casino earnings are expected to fall. At least two localities in Australia, Cairns and the Gold Coast, have reported already lost earnings of more than $600 million. The Australian Tourism Industry Council (ATIC) called on the Government of Australia for financial support especially in light of the large number of small businesses affected.
  
  Mining companies are thought to be highly exposed to the outbreak, since sales to China constitute 93% of the sales of Fortescue Metals, 55% of the sales of BHP, and 45% of the sales of Rio Tinto. The iron ore shipping gauge dropped 99.9% as a result of the outbreak, and the virus has made shipping and logistic operations of mining companies more complicated.
  
  Agriculture is also experiencing negative effects from the outbreak, including the Australian dairy industry, fishing industry, wine producers, and meat producers. On 13 February 2020, Rabobank, which specialises in agricultural banking, warned that the agricultural sector had eight weeks for the coronavirus to be contained before facing major losses. Exports were also affected by the outbreak. In May, China—which is Australia's largest trading partner—stopped accepting Australian meat and placed tariffs on Australian barley, likely a punitive response to Australia's call for an investigation into the origin of the global pandemic.
  
  The education sector is expected to suffer a US$5 billion loss according to an early government estimate, including costs due to "tuition fee refunds, free deferral of study, realignment of teaching calendars and student accommodation costs." The taxpayer is likely to be required to cover the shortfall in education budgets. An estimated 100,000 students were not able to enroll at the start of the semester. Nearly two-thirds of Chinese students were forced to remain overseas due to visa restrictions.