Property Australia

Opening up

Ken Morrison Ken Morrison October 12, 2021

This week the big shift is beginning across Australia.

Having hit the 70% double vaccination mark, NSW is opening back up to the vaccinated. Later this week they will be joined by the ACT, with Victoria not too far behind.

While we await further clarity on when interstate borders will be reopened, the federal government is preparing to utilise home quarantine to fast track the opening of our international borders for vaccinated travellers as early as 1 November.

Over the last twelve months the Property Council has been consistently calling on governments to upscale border processing capacity and provide greater clarity on reopening timetables, warning of the long-term economic consequences of idling population growth.

New research, released by the Property Council last week, has put some numbers around the potential cost to Australia of continued border closures. A further 12-month delay in reopening Australia’s borders to international travel could cost the economy $226.2 billion and 1.39 million jobs over the next 10 years and provide $42 billion less revenue for governments.

As NSW residents begin to enjoy a resumption of normality, is it important to remember that Australia cannot return to full normality until we have resumed international travel. Overseas migration, international students and our tourism sectors are all important pillars of our economy.

The take up of vaccinations over recent months has been remarkable. If Australia can maintain this momentum we can reopen as quickly and safely, including in jurisdictions not suffering from lockdown.

Many innovative ways have been devised to boost vaccine take up, including the ‘Million Dollar Vax’ initiative, a prize-based campaign with no entry cost and a chance to win $1,000,000. The organisers are seeking support for this worthy cause, so please contact them if you can assist.

As Australia’s big shift begins, the country will need vaccine momentum and the courage to reopen in equal measure. It’s a combination the industry is strongly backing.