International border closures may not affect overall economic growth this year as much as first expected because Australia will have a spare $38 billion in its pocket that would have otherwise been spent on overseas travel.
CBA analysis released on Monday showed as much as $38 billion that would have been spent in offshore tourism would no longer leave Australia. Balancing that with the usual surplus of travel expenditure, Australia is $20 billion better off because of the COVID-19 restrictions.
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Matthew Cranston was The Australian Financial Review’s United States correspondent.
Edmund Tadros leads our coverage of the professional services sector. He is based in our Sydney newsroom. Connect with Edmund on Twitter. Email Edmund at edmundtadros@afr.com.au
