Luke Grant is joined by Alexander Downer, Columnist / Former foreign minister & Australian High Commissioner to the UK, who writes that the long-term consequences of this year's policy decisions could include a return to the stagflation of the 1970s.

Mr Downer writes, ‘The public assumes the current restrictions are a necessary inconvenience as we await the arrival of a vaccine.  The cavalry is on the way, and soon – in the form of a readily available, effective vaccine – it will save us all.’

‘I don’t believe it. A readily available vaccine, if it ever happens, is a long way off. It could be years. Much more realistically, therapeutic treatment for those seriously affected by COVID-19 will improve – it has already.’

‘So all this all begs a very profound question, never asked by our media: For how long are the present measures sustainable? How long can we keep opening and closing parts of the economy and paying subsidies and benefits to the community? For how long can Australia cut itself off from the outside world?’

‘In 20 years, when my grandchildren are out trying to get jobs, I wonder how they will judge the policymakers of today. They, after all, will have to live with the consequences of the decisions taken around the world this year.’

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