The Australian economy won't recover from the coronavirus downturn until NSW and Victoria get moving | OPINION
The coronavirus pandemic has revealed key insights into the Australian economy. Before this terrible onslaught, few ever gave a thought to buying loo paper. Operators of large businesses believed they were "essential" to the economy's operation. Taking an L-plater for a drive was perfectly legal.
An empty Bourke Street Mall in Melbourne. Without activity in the CBDs of Melbourne and Sydney, the Australian economy will struggle.This has prompted the suggestion that a state like Western Australia or South Australia could be used as a guinea pig, with some easing in restrictions to see if the spread of coronavirus can be limited.While re-opening the bars and beaches of Adelaide and Perth might be a starting point, it's a long way from the endgame.
But it is the central business districts of the two cities that are the real economic powerhouses. Combined, the CBDs - an area you can measure in terms of AFL or rugby league grounds - account for more than 10 per cent of Australia's entire GDP. And the use of a huge casual workforce means any disruption to the economy means millions of people face becoming a financial underclass.As a nation, we've fallen into the trap of believing our own myths. Those myths include that we are a nation of hard workers with calloused hands who can camp by billabongs living on a bag of flour and jar of golden syrup.
While Western Australia is our most "outward" facing state, with its international trade the equivalent of 71 per cent of its gross state product, it is heavily reliant on the rest of the country.
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