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From Deloitte’s Weekly Economic Briefing:
Price pressures
Lockdowns have meant Australia’s economy has moved sharply backwards in the September quarter. But for much of the rest of the world, while COVID outbreaks continue to disrupt, the economic recovery over recent months has been strong.
Behind the recovery has been massive amounts of government fiscal supports, totalling almost 10% of global GDP. Those dollars helped individuals and families that lost work; provided grants to businesses to continue operating as lockdowns dried up demand; and funded massive health and infrastructure responses.
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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.
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