Covid-19: The Impacts on the Australian Economy (HSC SSCE Economics): Flashcards
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Practise the cards
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Most severe shock to Aus. economy since this event
Most severe shock to Aus. economy since this event
Great Depression of the 1930s
Years of continuous growth ended by COVID-19
Years of continuous growth ended by COVID-19
28 years
Total govt fiscal response by mid-2021 (AUD billions)
Total govt fiscal response by mid-2021 (AUD billions)
291 billion
JobKeeper scheme cost (AUD billions)
JobKeeper scheme cost (AUD billions)
89 billion
RBA cash rate historic low (Nov 2020)
RBA cash rate historic low (Nov 2020)
0.1%
GDP fall June quarter 2020 (%)
GDP fall June quarter 2020 (%)
6.7%
Peak unemployment rate (month & year)
Peak unemployment rate (month & year)
7.5% in July 2020
Unemployment level by 2021
Unemployment level by 2021
Below 4%
Cumulative GDP loss vs pre-pandemic path (AUD billions)
Cumulative GDP loss vs pre-pandemic path (AUD billions)
158 billion
Budget deficit 2020-21 (AUD billions)
Budget deficit 2020-21 (AUD billions)
132 billion