It is just over six months since the Pandemic started and resulting restrictions plunged Australia and much of the world into economic recession. Government income support is starting to taper off, risking an extended period of economic growth. Second waves of the Pandemic have emerged in many countries, so Australia’s borders are likely to be closed until well into 2021.
It is time to look forward, to make an assessment of what the next year holds for Australia. In order to do that we have consulted with the experts – the people at the centre of the economy and the Pandemic. The general public. They know about employment prospects, their financial outlook, and how they plan to use their money. Their expectations about the Pandemic and other factors such as property prices influence their behaviour.
We have been tapping into the collective wisdom of the general public, the Wisdom of the Masses, for over 15 years and found it to be predictive and insightful.
Our September 2020 survey suggests that there will be no economic “snap back”, although there will be some growth opportunities. The detailed evidence is contained in our report.