The New Normal: Navigating an Economic Recovery
AuthorLim, G; Nguyen, V; Robinson, T; Tsiaplias, S
PublisherMelbourne Institute of Applied Economic and Social Research
University of Melbourne Author/sRobinson, Timothy; Lim, Guay-Cheng; Nguyen, Viet; Tsiaplias, Sarantis
AffiliationMelbourne Institute of Applied Economic and Social Research
CitationsLim, G., Nguyen, V., Robinson, T. & Tsiaplias, S. (2020). The New Normal: Navigating an Economic Recovery. Melbourne Institute of Applied Economic and Social Research.
Access StatusOpen Access
Open Access URLhttps://melbourneinstitute.unimelb.edu.au/__data/assets/pdf_file/0004/3562906/Coping-with-COVID-19-Rethinking-Australia.pdf
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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