Policymakers in Australia and everywhere else are now learning that COVID-19 is a resilient and aggressive disease. It can bide its time, lurk undetected and then seize any opportunity -- any moment of poor discipline or weakness -- to begin spreading again.
While we're nowhere near as bad as the disaster that is unfolding in the US, we're suffering our own relapse that has much of Melbourne locked down. And as a result, both globally and domestically, there will continue to be significant headwinds for the Australian economy.
That was underlined last Thursday by the May trade data.