Devastating droughts, brazen bushfires and now; contagious COVID-19. Whatever our nation is threatened by next we assure you our government will be ready to act. Currently COVID-19 has infected 90 countries and has been contracted by over 100,000 people. This pandemic is creeping dangerously close to our Australian shores and likely has infiltrated our lands as we speak. Our government are immediately implementing preventative measures ahead of possible outbreaks in Australia. However, the main threat by COVID-19 is its detrimental impact it had and will continue to have on the Australian economy.
Australia’s economy is interdependent on China’s economy and therefore, the 14-day travel ban on Australia and mass shutdowns of factories in China have halted production and sent stocks, expenditure and tax revenue plummeting. Australia’s GDP crisis caused by the virus has caused Australia to land itself back in the Red despite our government being previously on track to be in the Black.
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Moreover, last year Australia’s growth was only 1.7% and this year due to the droughts, bushfires and Coronavirus we expect a possible drop between 2-7.9%. The devastating Australian bushfires have already cut our economic growth by 0.2% points in December quarter and current quarter. Unfortunately, for our nation a recession could be on the horizon.
Coronavirus now named COVID-19 is an extensive family of viruses that mostly effect your respiratory system and can vary from minor severity like the common cold to very severe causing severe respiratory syndromes. Its origin has been traced back to a Wuhan (Hubei Province) food market in Huanan Seafood Market, where a bat is believed to have transmitted the disease to a human and thus the origin of the outbreak.
COVID-19 is highly contagious and we advise if you have visited the five main epicentres: Japan, China, Iran, South Korea and Italy to self-isolate yourself from the community for up to 14 days. However, it is worth noting that the mortality rate for this virus is significantly low in comparison to the number of cases and the deaths have been those who are elderly, have a compromised immune system or have pre-existing medical conditions.
We understand that our people need immediate financial assistance to get our nation back on track. It’s no secret that our government are heavily reliant on our tax revenue received from exports to China and therefore, financial strain on our economy is a realistic outcome of the disease. Therefore, is imperative that we band together as a nation and have the patience and trust in our government to provide the financial assistance needed by those directly affected like the businesses, the tourism sector and the education sector in particular.
As China is densely populated with over 80,000 of the total 100,000 cases originating in Mainland China. Clearly this is a huge national threat to our economy as Chinese traffic makes up 16% of airport business in Australia and New Zealand. Additionally, with Chinese students unable to enrol for the next six months it will cost our economy $6-8 billion as they usually contribute $34 million to the economy. However, despite the travel bans extensive economic impact, our nation’s health and safety are our top priority.
As government we are entrusted by this nation to respond to any outbreaks and keep all Australians updated by Australia’s Health Organisations, The World Health Organisation and the National Security Committee. It is our patriotic duty to respond in the appropriate manner as we investigate avenues like the cutting of interest rates and adaptions in a mixture of monetary, fiscal and health policy. Additionally, in the future, Australia will be looking to invest more into global cooperative public health care to increase the stability of economic growth during pandemic.
Whilst we look into financial assistance it’s imperative that we discourage making comparisons of the impacts and statistics of COVID-19 to the SAARS outbreak in 2003 as Australia’s economic situation and reliance on China has significantly increased since 2003 and therefore, the extent to which Coronavirus has on Australia’s economy is not yet known. What can be acknowledged is that COVID-19 is currently distorting our Global stock prices which are down by 10%. In the future Australia will be looking to invest more into global cooperative public health care to increase the stability of economic growth during pandemic.
Australia relies heavily on its economic relationship with China and as a result of COVID-19 our tax revenue has fallen 10%, as Iron Ore alone account for $60 billion in export revenue. Our government are also mindful of China close economic relationships with other countries like America, which will also need repairing. We also ask that you rally around the Chinese community as racist behaviour and the marginalisation will not be tolerated in Australia. Furthermore, we warn Australians against mass panic and paranoia buying; it seems paranoia is spreading faster than the virus itself as supermarket factories attempt to keep up with the panic demand for toilet paper.
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