Australia Economy 2020: COVID-19 Vaccine To Curb Crippled Economy

On Sunday, the Australian government announced that it will earmark an additional A$1.2 billion ($859 million) in wage subsidies, in the 2020/21 budget for novel coronavirus vaccine next year.

In the upcoming Oct. 6 budget, Australia forecasts a record deficit of about A$200 billion.

It was confirmed that the Australian economy witnessed the worst recession  due to the effects of the COVID-19 pandemic. The Australian economy had gone into recession for the first time in nearly thirty years, as the country’s GDP fell 7% in the June 2020 quarter, following a 0.3% drop in the March quarter.

Australia has signed a supply and production agreement

Australian Government signed a supply and production agreement valued at A$1.7bn ($1.2bn) to potentially offer a free Covid-19 vaccine to its citizens next year.

The country anticipates early access to 3.8 million doses of the University of Oxford / AstraZeneca vaccine in January and February.

CSL Limited is a global specialty biotechnology company that researches, develops, manufactures, and markets products to treat and prevent serious human medical conditions.

CSL will supply 51 million doses, expects the first batch to be available by the middle of next year, or by early 2022.

The country’s Prime Minister Scott Morrison said that Coronavirus vaccines will be available to the Australian population after clinical trials find them to be safe and effective, with all regulatory requirements met.

The Treasurer Josh Frydenberg said a vaccine was a factor in his fiscal considerations.

“The budget takes into account the possibility that is the case,” Frydenberg said when asked in a Sky News television interview whether the budget would be based on an assumption that a vaccine would be ready.

“We have worked hard with international counterparts to secure the vaccine for Australia.”

Coronavirus curbs crippled business activity

To combat the ression in australian economy 2020 of A$2 trillion during the pandemic as showed in the June quarter and the Australian government has sought to soften the blow this year with A$314 billion of fiscal stimulus for the australian economy.

Coronavirus vaccine cost-free to citizens

Government announces it to roll out a cost-free vaccine that will come in January in the first batch.

Wage Subsidy

The new budget will include a wage subsidy aiming to create up to 100,000 internships.

Prime Minister Scott Morrison gives a statement about Young people:

“We want to continue to recover what has been lost and get young people into work,”as saying in a press release announcing the A$1.2 billion scheme.

Gross domestic product (GDP) of Australia 2021

The statistic depicts Australia’s gross domestic product (GDP) from 1984 to 2019, with projections up until 2021. In 2019, GDP in Australia amounted to about 1.38 trillion US dollars.

The jobless rate fell to 6.8%

In August the overall jobless rate fell to 6.8% and those who are aged 15 to 24, the jobless menace hovered near 20%.

Frydenberg said in a separate interview with the Australian Broadcasting Corporation (ABC) public television that, “This budget is all about jobs.”

What is the COVAX initiative for the development of the COVID-19 vaccine?

172 economies are now engaged in discussions to potentially participate in COVAX, a global initiative aimed at working with vaccine manufacturers to provide countries worldwide equitable access to safe and effective vaccines, once they are licensed and approved. COVAX currently has the world’s largest and most diverse COVID-19 vaccine portfolio – including nine candidate vaccines, with a further nine under evaluation and conversations underway with other major producers.

 Can COVID-19 spread through food?

It is highly unlikely that people can contract COVID-19 from food or food packaging. COVID-19 is a respiratory illness and the primary transmission route is through person-to-person contact and through direct contact with respiratory droplets generated when an infected person coughs or sneezes.

Is a headache a symptom of the coronavirus disease?

The virus can cause a range of symptoms, ranging from mild illness to pneumonia. Symptoms of the disease are fever, cough, sore throat, and headaches.