Do lockdowns and border closures serve the "greater good"? A cost-benefit analysis of Australia's reaction to COVID-19 - Foster Gigi

The world has been shaken by the response of governments to the COVID-19 pandemic in a way unlike what we have seen in any prior global health event. What started as a local health anomaly in one Chinese province quickly became a world-stopping crisis affecting every major nation in 2020. Industries from travel to manufacturing suffered sudden, acute disruptions due to political action to lock down cities and block the free movement of people and goods within and between countries. Was all of this necessary to save lives, or did it on net produce human damage?

This report aims to evaluate whether Australia's COVID lockdown policies - a central feature of our COVID policy response - were on net helpful or harmful.

Gigi Foster is Professor of Economics, UNSW Business School, University of New South Wales, Sydney, Australia.

Sanjeev Sabhlok is a PhD economist formerly of the Department of Treasury and Finance in Victoria.