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A new initiative led by the big four firms, backing the government’s “National Plan”, estimates that the Australian economy stands to benefit $30 billion once 80 per cent of the nation is fully vaccinated.
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Big 4 launch ‘vax returns’ campaign
06 October 2021
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The big four firms set competition aside to pool resources on encouraging vaccine uptake on Friday (1 October), when they launched a joint initiative called “vax returns”, which estimates the Australian economy could be $30 billion better off just three months after businesses reopen.
The initiative comes out in full support of the government’s “National Plan”, which suggests that once the rate of double-vaccinated adults reaches 70 per cent, strict lockdowns will rarely occur, and the government will primarily rely on high vaccination rates to suppress the virus, despite case numbers.
Once the rate of fully vaccinated Australian adults reaches 80 per cent, the government is expected to do away with lockdowns altogether, and reopen international borders.
Deloitte Australia chief executive, Adam Powick, said vaccination is critical to avoiding the ongoing disruption of lockdowns and reopening the Australian economy in a sustainable way.
“As a firm and a profession, we are strongly encouraging and supporting our people to get vaccinated and the response to this call has been overwhelmingly positive,” Mr Powick said.
“We have now come together as a big four group of firms to convey our collective support for the national vaccination program as this is a critically important foundation for the economic and social health of our nation.”
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Collectively each of the firms’ chief economists suggested the COVID-19 pandemic has cost the Australian economy over $170 billion since it began.
EY Oceania chief executive, David Larocca, said those who still haven’t been vaccinated should consider doing so in a bid to reconnect with loved ones and return to enjoying freedoms.
“As much as we all wanted to believe 2021 would be different, COVID continues to present many challenges. The lengthy lockdowns in many parts of our region, separation from loved ones and impact on lives and livelihoods has been hard,” Mr Larocca said.
“There is light at the end of the tunnel though as we move towards 70 and 80 per cent vaccination rates. Resuming the activities and reconnecting with the people we miss is predicated on achieving these levels of vaccination across the community.
“I’m fully vaccinated as are my wife Maria and our kids. I strongly encourage those who can, to get vaccinated too so we can all get back to enjoying the freedoms we’ve missed.”
KPMG CEO, Andrew Yates, also urged those who have yet to get the jab, to roll up their sleeves, and consider the “light at the end of the tunnel” motivation for doing so.
“It’s great to see light at the end of the lockdown tunnel,” Mr Yates said. “I firmly believe it’s overwhelmingly in the best interests of our society that people get vaccinated as soon as possible, and allow our economies to re-open.”
PwC CEO, Tom Seymour, urged residents of all states to follow the lead of each of the firms, which is vaccinated and eager to return to “normality”.
“We've come together to back the national vaccination campaign. Our people are getting vaccinated, they want to get back to our offices and client sites, and get back to normality,” Mr Seymour said.
“Safe reopening will bring significant economic gains for our country – a $30 billion benefit in the first three months.
“Let’s get this done together.”
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