Vaccine passports will be an essential tool for Australia’s economic recovery in 2022, according to experts in a new poll from Finder.
In this month’s Finder RBA Cash Rate Survey, 40 experts and economists weighed in on future cash rate moves and other issues relating to the state of the economy.
While all panellists expect a cash rate hold in September, one in four (25 per cent, 10/40) expect a rate rise in 2022.
With the nation’s two most populated cities still under harsh lockdowns, four out of five experts who weighed in (82 per cent) agree that vaccine passports are a necessity.
Finder head of consumer research, Graham Cooke, said if the verdict on vaccines becomes canon, public life may have a new normal.
“We’ve all got used to signing in at venues. Not only is that process likely here to stay, I’d expect it to get more complicated,” Mr Cooke said.
“Some hackers have developed software to get around the current check-in process, so a more robust system may be required to verify vaccination.
“Even if it means longer lines at bars, restaurants and music venues, many of us will be willing to bear it if it means we can get out and enjoy life again.”
Only 3 per cent think we will see interstate travel return in 2021
Australians hoping to visit other states this year will likely be left disappointed, according to experts.
Only 11 per cent of economists think that interstate travel will return by the end of the year.
The majority (70 per cent) say it will be back in the first half of 2022.
When it comes to international travel, most experts (84 per cent) agree with opening international borders to fully vaccinated tourists in 2022 without having to undergo hotel quarantine.
University of Western Australia macroeconomist Jakob Brøchner Madsen noted travel should be conditional on vaccination passports, and on a high vaccination rate among Australians.
CSA Premium chairperson Peter Boehm believed Australians can’t stop living because we’re afraid of dying.
“If tourists are fully vaccinated, and we open up the economy once we reach the planned vaccination rates, then the risk of death is materially reduced and life should, and must go on, as normal as possible,” he said.
Those opposed to opening the borders without hotel quarantine cited fear of the spread of new and known variants from other countries, even if travellers are vaccinated.Â
Experts split on $300 reward for vaccination
More than half (56 per cent) of economists think a proposed plan to offer $300 for vaccinated Australians would be good for the economy.
Mr Boehm was one of a few experts who said protecting yourself, loved ones and the broader community should be incentive enough to get vaccinated.
Christine Williams of Smarter Property Investing said so much fear and misinformation has been spread around vaccinations, that $300 is too little too late.
Matthew Peter of the Queensland Investment Corporation (QIC) disagreed.
“Our economic outlook now depends on getting as many people as possible vaccinated. If incentives are required, it will be money well spent,” Mr Boehm said.
University of Tasmania head of economics and finance, Mala Raghavan, said funds should be directed toward communication to combat misinformation.
“We need a clear national advertising campaign coupled with some targeted approaches, such as a vaccine ambassador and community influencer, who can promote and spread the benefits of vaccinating as opposed to not vaccinating,” Ms Raghavan said.
Mr Cooke thought that a cash incentive may be money well spent.
“Protecting yourself and your community should be sufficient incentive for vaccination, but it’s clear from the hundreds of thousands of eligible Australians holding out that an incentive might be required,” he said.
“While the JobKeeper program cost taxpayers $90 billion, a $300 vaccine incentive for every adult would cost a mere $6 billion – a small price to pay to get to 90 per cent vaccination.”
“Further, that $300 would likely be spent in the various bars and restaurants around Australia as we open up, providing a much needed boost to economic recovery.”
