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What experts say to expect for Australia’s 2022 economic outlook

Treasurer Josh Frydenberg:

“Australia’s economy is resilient and well‑positioned to bounce back from the significant challenges brought about by COVID‑19”

“Australia avoided a severe economic contraction, as seen in other parts of the world”

“The economy is in a position to bounce back rapidly from current economic headwinds”

Philip Lowe, Governor, RBA:

“Economic activity is expected to be back on its pre-Delta track by the second half of next year”

“There is a clear path out of the current difficulties and it is likely that we will return to a stronger economy next year”

“We can be confident that economic activity will begin to bounce back”

“This [overseas] experience suggests that having COVID-19 circulating in the community does not prevent a quick bounce back in spending…Most people are keen to do the things they used to and they will spend if they have the opportunity and the income”

“Many people have more money in the bank than they did pre-Delta…suggesting that once the restrictions are eased, households will be well-placed to start spending again”

“Business investment was on an upswing pre-Delta, and it is reasonable to expect that we will return to this as restrictions are eased, demand picks up again and uncertainty starts to recede”

“It is a positive sign that forward-looking indicators of labour demand have held up well”

Tapas Strickland, Director, Economics, NAB:

“Business is gearing up for a sharp rebound in activity”

“Business are clearly anticipating a strong rebound in in-person activity”

“High vaccination rates should give consumers confidence to resume economic activity as restrictions ease”

“Labour demand remains strong, which should see employment recover sharply”

“Looking offshore, data in the UK, US, Israel and Singapore reinforces that mobility picks up quickly once restrictions ease”

Tom Walley, GM, Corporate Traveller:

“It’s promising to see that most SMEs across NSW and Victoria will build their businesses back up after lockdown”

“We’re likely to see businesses, even those that thrived during lockdowns, focussing on several areas to flourish and grow in a world beyond lockdowns and restrictions.”

“4 in 5 NSW and VIC businesses not impacted by the 2021 lockdowns, or are planning their bounceback”

National SME Growth Index research, ScotPac:

“SME owners are looking beyond these constraints and focusing on how they can adapt and grow.

OECD Secretary-General Angel Gurría:

“Effective vaccination programmes in many countries has meant today’s Economic Outlook is more promising than at any time since the start of this devastating pandemic”

ACCI chief executive Andrew McKellar:

“Instead of another year of stop-starts and uncertainty, we now have tangible steps towards reopening”

Learn more about Small Business Outlook for 2022 at SmallBiz-Week

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