Healthy humans drive the economy: we’re now witnessing one of the worst public policy failures in Australia’s history
Australians are getting a stark reminder about how value is actually created in an economy, and how supply chains truly work. ...
The economy doesn’t work if people can’t work. So the first economic priority during a pandemic must be to keep people healthy enough to keep working, producing, delivering and buying. ...
On a typical day in normal times, between 3% and 4% of employed Australians miss work due to their own illness. Multiple reports from NSW indicate up to half of workers are now absent due to COVID: because they contracted it, were exposed to it, or must care for someone (like children barred from child care) because of it. With infections still spreading, this will get worse in the days ahead.
Staffing shortages have left hospitals in chaos, supermarket shelves empty, supply chains paralysed. ANZ Bank data, for example, shows economic activity in Sydney has fallen to a level lower than the worst lockdowns. ...