Plagues can’t kill luck

Australia has emerged as one of the more successful countries in fending off Covid. Geography played its part. But equally, the tough measures the authorities took (and continue to take) to contain the virus’ spread made a big difference. The economic and monetary policy response to the crisis was also swift and effective. Consequently, the hit to GDP has been far less than suffered elsewhere (in the developed world) and the economy is well placed to recover more rapidly too. We would be long the Australian dollar versus the US dollar.

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