The devastating impact of COVID-19 on the Australian economy is clearly evident (as called out in our COVID-19 SME Sentiment Tracker), particularly as a resurgence of the virus in Victoria sees the state reinstating strict lockdown measures. Looking to the future though, we are hopeful the latest outbreak will be controlled, allowing Australian businesses to shift their focus away from survival, and towards recovery.
Given the unprecedented nature of this pandemic, it is hard to fathom the current state of the economy. We have therefore compiled a list of metrics that can be used to evaluate and monitor the health of the economy. We are making this recovery playbook available as a public resource, and will be updating it on a regular basis (as new data becomes available).
At a high level, some of the early signs of recovery we saw have now retreated, with consumer and business confidence heading back down. Some specific themes are explored below.