Australia is putting billions into its coronavirus response, but one expert has warned of a ‘second-round’ impact that could cost the country even more. COVID-19
The ‘second-round’ impacts of the coronavirus crisis on Australia’s economy could be even larger than the direct costs, one expert warns. Picture: Brook Mitchell/Getty ImagesMr Coates said they would know more in the next couple of weeks about the long-term economic hit once it was more clear what Australia’s “end game” looked like.
“It’s likely we’re going to be in a fairly severe recession – unemployment takes a long time to recover – we could find ourselves making that problem a lot worse if we expect that we just go from economic support, straight back to normal, without some policy in between,” he said. Overall Mr Coates said Australia could come out of the crisis with a $500 billion debt and there was already discussion about who would eventually have to repay it.
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