The consequences of the coronavirus pandemic have been catastrophic, to say the least.
An economic crisis has unfolded alongside a health crisis, and economic experts are certain we are now entering a recession.
Australians have lost jobs, incomes have decreased, and consumer spending is down.
But beyond the record unemployment rates, how will the economic impact of COVID-19 seep into our day-to-day lives?
Mamamia spoke to Steve Mickenbecker, Canstar’s Group Executive, about just five of the significant ways in which the recession will be felt in our everyday lives.
Watch: A super simple formula for budgeting. Post continues after video.
Here’s what the finance expert had to say.
A recession is ahead, Mickenbecker confirms, meaning housing prices will fall.