Treasurer Josh Frydenberg confirmed in July that yes, the impact of COVID-19 on the Australian economy is eye-watering, but we are faring better than most during the once-in-a-century pandemic.
When speaking of our nation’s economic contraction, Mr Frydenberg said; “At 0.3%, we compare to Japan at 0.9% [quarterly contraction], Korea a little bit higher, the United States at 1.3%,” according to ABC News.
Australia’s sound fiscal position is due to a couple of factors, including our relative ability to contain COVID-19 and ensure health outcomes support financial performance. This is particularly true for QLD, WA and to an extent, NSW. WA has even superseded pre COVID-19 performance when it comes to iron ore, taking Brazil’s position of monopoly supplier to China, achieving record iron ore trade surplus in June.