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In the years before COVID, Australia suffered a chronic tourism deficit whereby the number of Australians travelling overseas far outnumbered the number of international tourists travelling to Australia:
Australia ran a massive tourism deficit pre-COVID.
However, the closure of the international border has eliminated Australia’s tourism deficit, with Aussies forced to holiday at home instead:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.