Bendigo Bank's head of economic and market research David Robertson expects the effect of coronavirus on Australia's national and state tourism economies to be short term.
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Speaking at Be.Bendigo's State of the Economic Market Breakfast on Thursday morning, Mr Robertson said while it will be a challenge in the short term, the recovery should be swift and strong.
Mr Robertson has been presenting at the economic market breakfast for a number of years.
"Any impact from falling demand of overseas tourists is a challenge," he said. "Data from last year outside of Melbourne, Bendigo-Goldfields is third on list with $1.25 billion spent on tourism in the region in 2019.
"The combination of bushfires and drought, which hopefully are starting to break, combined with COVID-19 (coronavirus) is a challenge. The question is how long (will it be) and how quick is the recovery
"(I expect) first quarter growth to be minimal for Australian and state (tourism economies) but the view recovery will pretty strong.
"If we listen to health experts, they are saying it's a China event and that the number new infections and mortality rates are falling. If that's right then hopefully the impact will only be short term."
On a more local level, Mr Robertson said the Greater Bendigo region's population growth combined with a reduced unemployment rate was encouraging.
"If look at Greater Bendigo, the population growth about is 1.7 per cent, which is ahead of Australia (1.5 per cent)," he said. "Bendigo's unemployment rate has come down impressively to round about four per cent.
"Various initiatives like GROW Bendigo are about achieving sustainable growth and certainly population and jobs growth is a good way to measure (that). Those numbers are encouraging."
Be.Bendigo chair Marika McMahon said giving local businesses access to Mr Robertson's presentation was exciting.
"We had about 130 people today from a variety of businesses," she said. "(This is) an event that's popular because people can tap into that (David's knowledge) locally.
"It's incredible that Bendigo businesses can get a high-level briefing about world, national and local economics (from David) and get it year on year.
"(His) message was re-assuring today that we are only seeing (coronavirus) have a limited impact on business in Australia. While it might effect some supply in short term, Bendigo's economy is resilient to that.
"He also presented good data around growth in Bendigo including population growth, declining unemployment and Bendigo performing well (in property) growth, which is exciting."