Sort the vax and save our economy

LEADING economists, business and tourism leaders have united in a call for the coronavirus vaccine to be rolled out as soon as possible to save businesses and jobs.

“Every day that we delay in getting the vaccine rolled out we increase the risk of further disruption to the country,” Western Sydney Business Chamber executive director David Borger said.

“We are only five minutes away from the next lockdown which can cost the country billions of dollars,” he said. “If we get the vaccine three months earlier it will save Australia billions of dollars and prevent thousands of small businesses from going to the wall.”

AMP chief economist Shane Oliver (pictured) said the pandemic had so far cost the Australian economy up to $350 billion leaving a giant debt for future generations.

“Delaying the vaccine runs the risk that there could be another outbreak that would see borders closed and set back the recovery even further,” Mr Oliver warned.

Mr Oliver said border closures could cost Australia $20 billion a month.

“We could argue that three weeks ago we were in a bubble and could sit back, wait and watch the world. But the recent outbreaks have shown how fragile that bubble is.

“If the safety experts are happy ... I would do what the politicians in the US have already done and have the jab,” he said.

The tourism industry has been particularly hard hit. Tourism and Transport Forum chief executive Margy Osmond said: “A vaccine is critically important to level the playing field, give people certainty and restore confidence in the process of travel.”

She said the pandemic was costing the industry $10 billion a month but as domestic travel began again in November tourism operators were looking at a $5.5 billion payday from Christmas to January 11.

“The recent border closures have cost the industry $3 billion of that holiday income,” Ms Osmond said.

“We cannot recover as an industry until international borders open but we cannot survive if they keep slamming shut domestic borders. If this is not sorted out we won’t have a travel industry left in Australia.” Sporting bodies are also keen to get vaccinated crowds back to events. Australian Turf Club chief executive Jamie Barkley said: “The next big event in Sydney is the Autumn Racing Carnival and an early roll out would help get people back to the track.

“Let’s get Sydney back to what it does best, getting out to sporting events and enjoying the new normal.”

Independent economist Saul Eslake said: “If the vaccine has been approved by the authorities in the US and Europe then why is it not safe in Australia?

“Experience and common sense tells us that until you can get on top of the virus you will not be able to have a sustainable recovery.”