Report by Ernst & Young.
June 25, 2020.
The impact of Covid-19 on the Australian economy has been profound. The economy contracted sharply over the last three months and Australia is now in deep recession, the first in 30 years. Governments have been actively managing the economic fallout of the pandemic with a range of measures put in place to help shore up jobs and businesses.
But the crisis is dynamic, and the sheer scale of the economic harm continues to emerge. It is increasingly likely there will be a sustained period of economic weakness and mounting pressures on government to repair the coronavirus-inflicted damage. In this environment, governments are seeking options to reignite economic activity.
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