COVID-19 has had a profound impact on the Australian economy since arriving in Australia in January 2020. Measures to reduce the spread (e.g. social distancing, commercial trading restrictions, and stay-at-home orders) have had varying impacts on economic activity.
The most noticeable impacts were driven by two COVID-19 variants: the L-strain of the virus which arrived in Australia in January 2020, and the Delta strain which was first detected in June 2021. The impact of these variants on macroeconomic aggregates are explored below and compared to the Omicron variant outbreak of COVID-19 in the March quarter 2022.