The decision to not push forward with AstraZeneca vaccination for Australians under 50 – and the delay in sourcing new vaccines – could cost the Australian economy billions, according to new research from the McKell Institute.
“These delays will increase the chance of lockdowns and the economic costs that come with them. It’s vital we are clear sighted about the cost and impact of a government’s action or inaction,” said McKell executive director Michael Buckland.
“Just as it was correct for the government to measure the economic impact of state lockdowns, so too should the government embrace the publication of clear information about the economic impact of its vaccination roll-out program.”
Australia would need to lift its vaccination by more than 15 times to now meet the recently abandoned vaccine roll-out, with a delay of 116 days – which the McKell Institute believes is likely – resulting in a further 11.1 days in lockdown at a cost of $1.1 billion. A worst-case delay would see a further 33.9 days in lockdown for a cost of $4.1 billion.
“Australia’s vaccination program has failed to meet its targets and it’s incomprehensible that we will catch up. Our leaders need to accept the additional risks of delay and act,” Mr Buckland said.
However, McKell acknowledges that it is “difficult to predict” the chances of further lockdowns and that the risk decreases proportionately to the number of frontline healthcare and quarantine workers who have been vaccinated. A minimum of 65-70 per cent vaccine coverage is required for population immunity.
