From banks, to supermarkets, to airlines, businesses across Australia were temporarily brought to a standstill by an IT outage on Friday. Here's how it may have impacted the economy.
The financial costs of the global tech outage that impacted Australian banks, supermarkets, airports and many other businesses are expected to be tallied by economists over the coming days. The outage resulted from an error in a software upgrade by US cybersecurity company Crowdstrike . While businesses are mostly up and running again, many could not operate for hours.
"The other aspect is that a lot of activity that was disrupted will have occurred anyway ... things that were going to happen just got delayed." Tim Harcourt, professor and chief economist at the UTS Institute for Public Policy, agreed with this assessment, and said while there was significant short-term disruption, long-term economic damage was unlikely.
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