Exclusive: The Sydney suburbs that have been hardest hit financially by the coronavirus crisis | MattWadeSMH
The hardest-hit neighbourhoods tend to have a relatively high proportion of white-collar professionals and those working in hospitality, especially at cafes and restaurants. They also have a relatively low share of retirees and recipients of government income support.
But it revealed average incomes in much of Sydney's west have been less affected overall because suburbs in that region have a higher proportion of retirees and a larger relative share of low-income earners for whom government subsidies replaced a greater proportion of any lost income.Christopher Pearce
The index's finding that Sydney's inner-south has been badly affected by the economic disruption caused by the pandemic was reflected byIt forecast the economic output of both the Sydney City Council area and the Bayside Council area, which includes Sydney airport, to contract by between 10 per cent and 12.5 per cent this financial year. This compares to a forecast 6.5 per cent decline nationally.
"Inner suburbs are populated by young professionals who are either renting or paying off a mortgage," Mr Greenfield said. "When a drop in income hits it's a real challenge to adjust expenses accordingly. The bills still have to be paid."
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