A few of us here aren't that old; we are in our mid 30s.
We will be the generation that pays off the spending spree.
I'm likewise young enough and, so far as I'm aware, healthy enough that I'll be paying off the debts.
Looking at it overseas though, well at this point the USA is basically a failed nation that can't even protect its own citizens from a health crisis. To say they've failed is an understatement.
The price they'll pay isn't just the deaths right now, but that the best and brightest, or indeed anyone with much sense, will no longer be seeing it as a desirable place to live. The days of US leadership are gone for that reason - the brightest minds are not lured by money alone, such people tend to value their own safety, and many will be looking elsewhere.
Or we could take a look at China. Based on official statistics they've done an order of magnitude better job of dealing with the virus than the US, UK, France or Iran (among many others) have but they've paid a huge economic price for doing so.
That China did what they did is partly my reasoning. Whatever they know about the virus, it scared the absolute crap out of them that's rather clear. Actions speak louder than words and the actions scream that they saw it as a huge concern.
Closer to home a very similar dynamic applies. Where would you rather be right now?
1. In an apartment tower in Melbourne?
2. Anywhere else in Victoria?
3. Anywhere else in Australia?
I think we all know the answer there and the other states, especially the smaller population ones, would be crazy from a purely economic perspective to blow the opportunity that's been handed to them.
Big business needs to likewise face that reality. Working at head office is no longer the prize goal for the best employees. Rather, it's the place where you put the drones meanwhile the stars work from home in a place that's nowhere near the city. Smart businesses will adapt to that quickly. Those not so smart will lose the best employees to those who do adapt. Welcome to free market capitalism.
In saying all that, the dam does not collapse due to the flood. No, it collapses due to inadequate design, construction or maintenance with the flood being merely the trigger.
Same with the pandemic. It's not the first time there's been a pandemic and it won't be the last, indeed the next one may well require far more stringent measures than this one. Hence exposed businesses insure against the pandemic risk, hence the economy needs to be designed to cope with GDP that goes down at times as well as up and so on.
If those things are not in place, if businesses didn't have insurance or governments and central banks haven't allowed for times when GDP goes down, well then that's a failing on their part and the solution is to replace them with better managers who do have the ability to manage risk. Trying to cover up the problem only perpetuates it.
Realistically, what can't occur if Australia or any other country closes its borders?
Holidays and tours by professional sports teams and performing artists basically covers it.
Business meetings etc are doable online.
Manufacturing, mining, agriculture, freight etc carries on business as usual. Only real exception being if someone gambled on long distance FIFO and lost, in which case capitalism takes care of those unable to manage risk by advantaging competitors who can.
Anyone moving permanently could simply be quarantined upon arrival.
That leaves those on a short stay and who need to physically be present. Tourists, live performances of music or other things, professional sports.
Personally well I like going on holidays and I've been to plenty of concerts over the years but I find it unacceptable to knowingly sacrifice the lives of others in order to resume doing so.