This essay discusses the ECON11026 impact of COVID-19 and Australia’s response to the coronavirus. With Australia expecting a ten percent shrink of the economy due to the global pandemic, Australia has to make strategic decisions in response to the coronavirus. They aim to reduce several restrictions regarding the lockdown to allow flights to New Zealand without two-weeks quarantine. So far, about a million people lost their jobs in the last three months following the temporary closure of several service industries. This weakens Australia’s economy and looks to result in a $4bn reduction in economic activity. Thus, these projections would be the result of reduced workforce participation, productivity, and consumption.
ECON 11026 impact of COVID-19 and Australia’s response to the coronavirus
AUSTRALIA’S ECONOMIC RESPONSE TO THE CORONAVIRUS
Australia’s support package of $259 billion is part of the economic response to the coronavirus. These funds will support businesses and households. It will ensure the continuity of business in Australia in an aim to maintain stability and support the recovery of the economy. Due to the global impact of COVID-19, the government expects Australians to observe social distancing among other restrictions to quicken the recovery from the pandemic. The JobKeeper Payment Program provides a wage subsidy to businesses impacted by coronavirus to boost Australia’s economy. Lastly, this program helps employers retain their employees by providing eligible employers with AUD1,500 per fortnight per employee.
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ECON11026 IMPACT OF COVID-19 AND ADDRESSING SOCIAL ISSUES TO MANAGE THE IMPACT OF COVID-19
Addressing social issues associated with the spread of coronavirus will be a good response to the coronavirus. Homelessness in Australia is one of the risk areas. COVID-19 mostly affects the homeless population due to more exposure. This will only add to more public health consequences the need for more public health responses. Australia’s homelessness policy response to the coronavirus is; Prevent, House, and Support. It is also imperative to observe social distancing to ensure Australia’s continuity in social cohesion, good health, great neighborhoods. Managing these social issues will also enhance the recovery of Australia’s economy. It will also help protect the health of over 4 million Australians with disabilities.
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