The Impacts of COVID-19 on Australian Economy : Recovery and Australia’s Triumph

This blog is mainly highlighting the impacts of covid-19 on Australian economy. “Coronavirus Disease 2019,” a highly contagious respiratory illness was identified to be caused by the SARS-CoV-2 virus . With the passage of time, the virus has mutated, leading to the emergence of its new variants.

Lets jump towards the adverse effects of Covid-19 globally.

http://The Impacts of Covid-19 on Australian Economy

During the challenging times of pandemic COVID-19, the State Government of Australia just like the whole world announced the emergency states in March 2020. It was the time of restrictions and bans on the people who had just reached there. There were around 600 people who were maintained in isolation period for more than ten days.

It was necessary to maintain restrictions from health point of view. Hence, all these factors had adverse consequences on economy of Australia. At that time, economy was shattered globally. There were bans on Schools, Colleges, Universities. Businesses had suffered a lot due to restrictions. To counterface the effects of pandemic on economy, the Federal, State and Tertiary Governments provided with some measures to support businesses so that household finances could be met to the end.

According to Australian Bureau of Statistics,

5,372 deaths were there with or from COVID-19 that occurred by 31 March 2022 have been registered and received by the ABS.

Australian Economy : The Impacts of Covid-19 on Australian Economy

The Impacts of COVID-19 on Australian Economy

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CommonWealth Australian Government Plans

During the heights of pandemic, household spending patterns had been changed drastically ; due to which Government had to pay subsidies and other payments to improve their livings. Some improvement programs like Job-keeper and Boosting the Cash Flow were introduced foe employees in their employment and to support businesses.

As the pandemic went through different stages like L-strain, Delta strain and then laterally Omicron variant. Unlike L and Delta strain, Omicron did not cause lock down and strict preventive measures.

L and Delta strain caused a serious affect on the economy of Country.

Government Consumption was inreased.

The Increased Government Consumption went till the mid of 2021 and then somehow reduced by the end of December approximately 2021 as the targets of vaccination were achieved. Rapid Antigen Testing During emergence of Omicron also resulted in too much consumption as Government had been become afraid because of Pandemics.

Market and Non-Market GVA (Gross Value added) was declined. Minimum hospital visits and more household treatment were there.

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