Analysis of Fiscal Policy and Monetary Policy during Covid-19 Crisis---an Australian perspective

Abstract

The outbreak of new coronavirus pneumonia in 2020 has emerged as a significant global epidemic, representing a profound disaster. All nations encounter a shift towards crisis management frameworks, exhibiting variable levels of success in limiting the spread of the virus and mitigating economic repercussions. This is by far the most far-reaching public health event of the 21st century on a global scale, with immeasurable research significance from immunological, economic, and sociological perspectives. For the continent of Australia, which is alone in the ocean, the Australian community could not carry the blow once the epidemic exploded across the country. So, as early as the 20th of March, Australia quickly declared a "border closure", banning all non-Australian citizens and non-permanent residents from entering the country. Moreover, with regard to the movement of persons, production activities and control of cases and close contacts in the region, each oblast has adopted restrictive measures of varying degrees, depending on the severity and development of the outbreak. The special geographical conditions and the policy of a completely closed borderline allow us to value the effectiveness of the Australian government's and banks' response to the stimulus provided by the COVID-19 policy directly by removing most of the external conditions from the equation.