Our investment The Australian Government has invested a total of over $18 billion in Australia's vaccine and COVID-19 treatment supply as part of the COVID-19 Health response.
The Australian Government has invested a total of over $18 billion in Australia's vaccine and COVID-19 treatment supply as part of the COVID-19 Health response. Learn more about our vaccine agreements.
Overview. Funding the ongoing public health response to the COVID-19 pandemic remains a high priority of the Australian Government, with the cost of the health response now estimated at over $25 billion since March 2020.
The Australian Government introduced a range of measures to provide additional financial support to Australian citizens and permanent residents during the COVID-19 pandemic. the one-off stimulus payments for veteran income support recipients and eligible concession card holders.
Australia was able to avoid the worst effects with an initial maximum suppression strategy, but the pandemic still had, and continues to have, major negative impacts on people's health and well-being. National study of mental health and wellbeing (2020-2021). Australian Bureau of Statistics.
Prof Catherine Bennett, the chair in epidemiology at Deakin University, said Australia's high reported infection rate may be the result of high “case ascertainment”. Although PCR testing rates have dropped off in Australia, “we're probably still doing it more so than anywhere else in the world”, Bennett said.
Australia has plentiful supplies of natural resources, including the second largest accessible reserves of iron ore in the world, the fifth largest reserves of coal and significant gas resources. For a long time, commodities have made up a sizeable share of our exports.
Australian Gross domestic product (GDP) was greatly affected by the L-strain and the Delta outbreaks of COVID-19, resulting in two large falls in GDP during the height of restrictions across Australia. Strong rebounds in growth followed as the population emerged from lockdowns.
COVID-19 case notifications
Over the last week, 6,572 cases of COVID-19 were reported across Australia, an average of 939 cases per day.
Since the beginning of the pandemic, Australian Government gross debt has increased from $534.4 billion in March 2019 to $894.9 billion as of 28 October 2022.
At the start of 2007, prior to the Global Financial Crisis, Australian Government gross debt was under $52 billion. Between 2007 and March 2020 total Australian Government Securities (AGS) on issue increased to $580 billion, and is $897 billion as of 5 May 2023.
The world's 12th largest economy
Strong growth in 2021 solidified Australia's position as the world's 12th largest economy in 2021. Nominal GDP was around A$2.2 trillion (US$1.6 trillion) in 2021. Australia is home to just 0.3% of the world's population, but accounts for 1.7% of the global economy.
What are the options to deal with them? Health officials and experts are assessing what to do with the tens of millions of COVID-19 vaccines Australia has purchased but does not need, with concerns some may simply go to waste.
The COVID-19 Vaccine AstraZeneca authorised under Regulation 174 remains in use and its product information has been updated in line with the product information of the GB CMA . The MHRA regularly publishes reports of the safety of the COVID-19 vaccines.
Getting vaccinated now has many benefits, including: protecting yourself against severe illness and death from COVID-19. reduce the prevalence of symptoms associated with 'long COVID'* protecting people who can't be vaccinated due to medical conditions.
In June, Commsec chief economist Craig James told Canstar that Australia has a 33% chance of falling into recession in 2023, and that if it did, it would likely be a short-lived contraction. “The sharp rise in interest rates means that the chances of a recession have risen. Perhaps a one-in-three chance.
Australia Jobless Rate Unchanged at 3.5%
The number of unemployed individuals fell by 10.9 thousand to 504.4 thousand, with those seeking full-time jobs declining by 22.1 thousand to 328 thousand while those looking for part-time jobs increased by 11.3 thousand to 176.4 thousand.
Consumer price movements in 2020 were dominated by the impact of responses to the COVID-19 pandemic, as well as large swings in average fuel prices earlier in the year. This introduced more volatility than usual in headline inflation readings. Looking through this volatility, underlying inflation pressures are low.
Both were consistently among the top three states across each of the seven dimensions of performance the State Scorecard evaluates. Connecticut, Washington, and Vermont rounded out the five top-performing states. Mississippi, Oklahoma, and West Virginia ranked lowest overall.
Australia is a highly developed country with a mixed economy. As of 2023, Australia was the 13th-largest national economy by nominal GDP (gross domestic product), the 19th-largest by PPP-adjusted GDP, and was the 20th-largest goods exporter and 24th-largest goods importer.
Australia's GDP, which is roughly $1 trillion, is smaller than that of the United Kingdom. On the contrary, the UK's GDP is $2.4 trillion, yet Australia's low GDP fits well with its 24 million people, whereas the UK's 65 million people are spread thin.
Australians collected a higher median wealth per adult than anywhere else in the world at $US273,900 ($A390,870) – nearly three times the median wealth of $US93,270 ($A133,100) in the US. Australia was followed on the rich list by Belgium and New Zealand, with the US trailing behind at number 18.