As South East Queensland and parts of Northern Queensland go into lockdown, we should lend a thought to the residents of Melbourne and Victoria who endured three months of lockdown last year. Sydney’s two week lockdown will cost some $2 billion, Perth’s lockdown some $200 million and Queensland’s lockdown another $300 million. However, all of these are not enough to derail the economic recovery which remains in full swing.
Doubtlessly, Australia has made errors and the issue remains that until Australia has herd immunity with 80% of the population vaccinated (expected early 2020), then short sharp lockdowns will continue. Saying that, in each of the eight lockdowns, expenditure has come back strongly at the conclusion of the lockdown each time.
The other thought is that the “Fortress Australia” approach has worked for Australian industry and business. Australians going overseas have always spent significantly more than the tourist dollars we receive from foreigners visiting here. The difference I understand is some $20 billion trapped in Australia every year, being recycled in this economy. This probably goes some of the way to explaining why Australia’s economic recovery has been so strong. Additionally, the spend has benefited regional Australia which is a first. Goes to show there is “silver lining” in every event.