ANALYSIS: Australia is defeating coronavirus but remains at risk of losing through an 'economic own goal'
If handling pandemics was a sport, Australia has made it into the knockout stages of the coronavirus world cup.
Economically too, Australia is among the world leaders, thanks to continued demand for our major commodity exports plus large and rapid economic stimulus that has buttressed consumer spending and kept at least 3 million workers attached to their employers, even if those businesses were shut down. As a new report from the Grattan Institute warns, aside from allowing a second wave of virus transmission to take hold, the biggest mistake Australia can make is thinking the economy is back on track just because COVID-19 is under control.
"Rushing too quickly to consolidate the budget position would be an economic 'own goal' — hampering job creation, growth and ultimately the bottom line."
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