Governments around the globe are promising record amounts of spending to tackle the crisis. And those commitments will get bigger before this is over.
A growing body of evidence shows that if we can hold the course for a little while longer, Australia could beat coronavirus.
Australia has turned a corner, but we must be careful about when we lift restrictions, what restrictions we lift, and in what order.
The Government has announced almost $200 billion of spending in less than a month. If you are having trouble keeping up – here is a short summary.
Driven by tighter restrictions at the border, new cases of COVID-19 have fallen rapidly in Australia. But local transmission has not shared the same fate, with the rate of new cases remaining relatively flat over the past week or so.
Consumer confidence is a timely measure of what Australian households think about their own finances and the state of the economy overall. In the week ending 29 March, the ANZ-Roy Morgan Consumer Confidence index plunged to the lowest level in the nearly-50-year history of that series.
Every state and territory government in Australia has announced a spending response to the COVID-19 crisis. The measures, including loans, tax deferrals, and health spending, so far total almost $15 billion. This compliments the almost $194 billion in direct economic measures already announced by the Federal Government.
The lessons from overseas are clear: unless Australians comprehensively comply with spatial distancing, those measures won’t work and our hospitals will be over-run.
Workers affected by the COVID-19 economic crisis can now access up to $20,000 of their super to help see them through. It’s a good move.
We should be clear: a shutdown of anything that isn’t truly essential will be needed to avoid overwhelming the healthcare system.