In economics, everything is relative. Relative to you, the coronacession is likely to be the worst economic disaster you’ll experience in your lifetime. Relative to Australia, it is – as the media keep telling us – the worst recession since the Great Depression of the 1930s.published this week by the Lowy Institute reminds us, there’s another side of the story. Relative to what we were expecting initially, the recession isn’t as bad as feared.
If you judge it by the progress of the economy’s output , you may not be convinced the recovery has begun. But judging it by the state of the jobs market, which is what matters most, leaves little doubt. "New networking technologies permitted most office work to be performed at home. Mining and farming continued. So did much of manufacturing and construction. Electricity, gas and water utilities employees kept their jobs.
"Take-up of the JobKeeper program, which helped businesses retain employees, was far lower than expected because the economic damage was less than expected. All up, most of the Australian workforce remained on the job, either from their usual place of work or from home." But get this: in the short term, however, the suspension of normal international travel actually adds to Australia’s gross domestic product. That’s because Australians’ spending abroad exceeds foreigners’ spending in Australia.
1RossGittins Given guards at the Sydney quarantine hotels aren't even wearing masks gloves carrying passenger bags etc we will be back in lockdown shortly...
1RossGittins Stupid stupid stupid atricle. Not surprising but idiotic nonetheless. It has not even started yet you moron.
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