ECONOMIC SURVEY ON AUSTRALIA FOR 2020-2021 OF PANDEMIC TIME


The pandemic recession in 2020 was milder than in most other OECD countries, but recent outbreaks have prompted the country to begin transitioning from a zero tolerance to a containment approach to the virus. As the recovery becomes more firmly entrenched, public policy must focus on setting the conditions for another prolonged period of strong and well-distributed growth in living standards. Recent efforts to reduce regulatory, administrative and financial barriers for young high potential firms should continue. At the same time, the resilience of the economy to future economic shocks can be supported by rethinking institutional frameworks related to fiscal and monetary policy, ensuring the social safety net is adequate and that the financial sector supports household financial resilience.


2021 Structural Reform Priorities

  • Competition and regulation: Boosting productivity growth requires attention to the framework conditions in which businesses operate
  • Education and skills: Inequality in education and the level of skills limit the growth capacity of the economy
  • Environmental policy: Limited co-ordination of greenhouse-gas reduction measures across states and territories make it difficult to achieve the Paris Climate Agreement goals
  • Tax system: Comparatively heavy taxation on incomes relative to consumption makes the tax mix less growth-friendly
  • Inclusiveness: Well-being gaps between Indigenous communities and the rest of the population remain large, notably in educational attainment, life.
  • GDP GROWTH COMPARISON OF AUSTRALIA WITH DIFFERENT COUNTRIES-


AUSTRALIA GDP STATE WISE 2021-




TIMELINE OF AUSTRALIA GDP FOR ONE YEAR




In the March 2020 quarter, Australia closed its borders to non-residents and schools began to close. Two-thirds of businesses reported a reduction in turnover and daily reported COVID-19 cases peaked at 464. The PM announced business and childcare support packages and the underemployment rate hit an historic high of 13.8 per cent with 1.8 million people working reduced or no hours for economic reasons. The Accommodation and Food Services industry was the hardest hit with a 35 per cent drop in payroll jobs. In April, overseas arrivals plummeted to just 21,000 from a record high 2.3 million in January.  

In the June 2020 quarter, the GDP dropped by a record 7 per cent, the second quarter in a row of falls. The following month, the unemployment rate peaked at 7.5 per cent — the highest in over 20 years.

By August there were signs of economic and employment recovery in all states bar Victoria, which was hit by a second COVID-19 wave and lockdown. Nationally, job vacancies recovered 78 per cent of the vacancies lost and the economy rose 3.4 per cent. This was good news for some industries, but others continued to see job losses into November 2020 (Hospitality workers down 64,000).

At the start of 2021 things continued to improve with employment recovering almost 93 per cent of the March-May loss, and 79 per cent of Aussies agreeing the vaccine will help get us back to our ‘new normal’.



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