Economic Recovery from COVID-19

Though we have managed the health and economic impacts of the COVID-19 pandemic better than many other nations, it has still hit the Australian economy hard.

Though we have managed the health and economic impacts of the COVID-19 pandemic better than many other nations, it has still hit the Australian economy hard.

In addition to providing a broader social safety net with schemes like JobKeeper and JobSeeker, the government has responded with a large number of fiscal stimulus measures designed to encourage households to spend, businesses to invest, and employers to hire. We have been able to do this because our Budget was back in balance and we have a strong credit rating, meaning we can borrow cheaply.

The economy is growing again and new jobs are being created. But nonetheless several sectors, including the arts and major events, and businesses involved in tourism and travel (such as travel agents), are likely to find the going hard for some time yet, because of ongoing social distancing restrictions. I am arguing for special packages of support for these sectors, in recognition of their unique challenges.