The New Normal: Navigating an Economic Recovery

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    Author
    Lim, G; Nguyen, V; Robinson, T; Tsiaplias, S
    Date
    2020
    Publisher
    Melbourne Institute of Applied Economic and Social Research
    University of Melbourne Author/s
    Robinson, Timothy; Lim, Guay-Cheng; Nguyen, Viet; Tsiaplias, Sarantis
    Affiliation
    Melbourne Institute of Applied Economic and Social Research
    Metadata
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    Document Type
    Report
    Citations
    Lim, G., Nguyen, V., Robinson, T. & Tsiaplias, S. (2020). The New Normal: Navigating an Economic Recovery. Melbourne Institute of Applied Economic and Social Research.
    Access Status
    Open Access
    URI
    http://hdl.handle.net/11343/258854
    Open Access URL
    Published version
    Abstract
    On the road to economic recovery, a pickup in household consumption is key, but GDP growth could be weighed down by low growth in population and wages. Australia is a small-open economy, and is materially affected by developments abroad, through trade in goods and services, financial factors, and the international movement of people. COVID-19, lockdowns, and the closure of borders have had a massive negative pervasive impact on Australia’s economic performance in 2020. Overall, GDP plummeted by a record 7 percent in the June quarter following a small fall of 0.3 percent in the March quarter (Australian National Accounts, June Quarter 2020). Australia entered its first technical recession since 1991, with hours worked falling heavily, and underemployment spiking.

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