The impacts of COVID-19 containment on the Australian economy and its agricultural and mining industries.

ABSTRACT: We simulate the economic impacts of the COVID-19 pandemic on the Australian economy using VURM, a detailed computable general equilibrium model for Australia. We identify five sources of economic perturbations: changes to productivity due to changing work practices, changes in household demand imposed by voluntary and mandated social distancing behaviour, changes in international trade due to a weakened world economy and severe curtailment of international travel, reduced population growth due to lower net migration and large debt-financed fiscal stimulus. Variants of these shocks and associated recovery paths are simulated in VURM, with three scenarios describing potential recovery arcs. The macroeconomic and industry impacts are reported for each scenario. Ultimately, our focus is on the

SUBMITTER: Dixon JM 

PROVIDER: S-EPMC8652510 | biostudies-literature | 2021 Oct

REPOSITORIES: biostudies-literature