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From the shadows: Australia has a strong path to economic recovery, but challenges remain
Since the onset of the pandemic, it has been a calamitous year globally, with nearly every country facing severe headwinds. Nations across continents have responded in different ways, and continue to fight the pandemic on one hand and seek to orchestrate an economic recovery on the other.
Australia’s economic response to COVID-19 has been huge
The Australian federal government’s response to the pandemic in March 2020 — a series of stimulus packages for individuals and businesses, and the introduction of codes of conduct across industries — has been successful. Actually, Australia’s response to COVID-19 has been brilliant.
The federal budget, announced 6 October 2020, continues this theme by spending big on tax cuts for business and individuals, increasing spending on infrastructure, and including a range of measures to support a business-led recovery and lower unemployment rates — a touch of “Reaganism”, perhaps.