The COVID-19 pandemic has had a profound impact on Australia’s health system, community and economy, as it has all around the world.
The Government has acted quickly and decisively to address the consequences of COVID-19. As a result, Australia has achieved some of the best health and economic outcomes in the world. However, the impacts of COVID-19 will continue to be felt in the Australian economy for years to come. The Australian community also continues to feel the effects of COVID-19, through disruption to their lives, education and health. The global economic outlook remains highly uncertain, with many countries experiencing their worst downturns since the Great Depression.
This is a once-in-a-century shock that requires an unprecedented level of support across the economy. The Government’s initial response to the COVID-19 pandemic provided $299 billion in overall support.
The Government’s economic response is designed to support Australian households and businesses through an exceptionally difficult period. It has helped keep businesses in business and Australians in jobs through the JobKeeper Payment and Boosting Cash Flow for Employers, and supported Australians in need with the Coronavirus Supplement and $750 payments to those on certain income support.
The Government’s response is now transitioning to ensure the Australian economy recovers strongly by targeting additional temporary support measures to boost household incomes, bring forward business and infrastructure investment activity, and drive the unemployment rate back down.
The Government is continuing to support those sectors, regions and communities that face significant challenges.
The Government’s response to the 2019-20 bushfire season is also supporting families, farmers, business owners and communities to recover.