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The race that stopped a nation: lessons from Australia’s Covid vaccine failures
[Preparing for a Pandemic: Accelerating Vaccine Availability]

Author

Listed:
  • Richard Holden
  • Andrew Leigh

Abstract

Australia handled many aspects of the Covid-19 pandemic very well. The international border was closed early, contract tracing regimes were implemented quickly, and targeted lockdowns helped keep case and death rates per capita to relatively low levels. Yet in mid-2021, Australia’s vaccine rollout was the slowest in the OECD. We estimate that an optimal vaccine rollout could have saved lives and averted at least A$31 billion in economic damage. The policy errors reflected a failure to heed basic economic concepts of portfolio diversification, option value, and dynamic optimization. We conclude with some policy lessons concerning pandemic preparedness for Australia and other countries.

Suggested Citation

  • Richard Holden & Andrew Leigh, 2022. "The race that stopped a nation: lessons from Australia’s Covid vaccine failures [Preparing for a Pandemic: Accelerating Vaccine Availability]," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 38(4), pages 818-832.
    • Handle: RePEc:oup:oxford:v:38:y:2022:i:4:p:818-832.
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    File URL: http://hdl.handle.net/10.1093/oxrep/grac028
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    Cited by:

    1. Stephen Duckett, 2022. "Public Health Management of the COVID-19 Pandemic in Australia: The Role of the Morrison Government," IJERPH, MDPI, vol. 19(16), pages 1, August.
    2. Scott Duke Kominers & Alex Tabarrok, 2022. "Vaccines and the Covid-19 pandemic: lessons from failure and success [‘Many Say They’re Confused About Whether, When to Get Second Booster’]," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 38(4), pages 719-741.

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