Australia’s service economy stages impressive recovery

Australia’s service economy is staging an impressive recovery from the depths of COVID lockdowns with online marketplace Airtasker today revealing its gross marketplace volume (GMV) crossed a record annualised run-rate of more than $200 million. In FY21, Airtasker’s GMV was $153.1 million.

With key Australian markets like Melbourne and Sydney in restrictive lockdowns this year, the service economy initially saw a drop in activity  - as some services like residential cleaning, hairdressing and non-essential building works were paused - however, the service economy continues to bounce back with Airtasker’s GMV increasing more than 70% since lockdowns began. 

Commenting on the recovery of Australia’s service economy, Airtasker co-founder and CEO Tim Fung said, “Airtasker’s economic data is showing that Australia’s local service economy is performing well and bouncing back strongly following the Covid lockdowns. It’s been a tough 18 months for many service providers across the country but we’re heartened to see that as the nation reopens, activity is bursting back too.”