Executive Summary The current research report tends to focus on finding current status of economy of nation after considering the impact of covid-19. Additionally, education sector had been highlighted for getting idea how it had been run during lockdown with the presence of social distance culture. With the advancement of technology, running economic transaction had helped a lot to maintain market however the pace before pre-covid was hard to achieve. However with the ease of lockdown and vaccination, economy started reviving which was seen in every sector of nation. Report shows the condition of economy before, during and after Covid-19 lockdown with the operation of education sector. For this, national economic data had been taken with supportive news from various articles. Table of Contents Part 1: Brief Summary. 1 1.1. Introduction.. 1 1.2. Identification of Research questions. 1 1.3. Designing the research program… 1 1.3.1. Research Design. 2 1.3.2. Data collection method. 2 1.3.3. Data Analysis technique. 2 1.4. Analyzing the findings. 2 Part 2: Detailed Research based on research design.. 4 2.1. Covid-19 and its Impact in Australia economy. 4 2.1.1. Covid-19 timeline (ABS, 2021): 5 2.1.2. Safety measures taken against Covid-19: 6 2.2. Effect of Covid-19 on the Australia economy so far. 6 2.3. Measures taken to overcome the impact of COVID-19 on Australia economy. 8 2.4. Micro Economics. 12 2.5. Macro Economics. 14 2.6. Education Sector. 17 2.6.1. History. 17 2.6.2. Impact of Covid-19 and changes found. 18 2.7. Revival plans for the International Education Industry. 22 Part 3: Findings and Conclusion.. 24 3.1. Summary of findings. 24 3.2. Conclusion.. 25 References. 26 Table of figures Figure 1: Changes from pre-pandemic to June quarter 2021. 13 Figure 2 Net Operating Balance. 15 Figure 3 Net Financial Worth.. 16 Figure 4 University sector selected aggregates. 16 Figure 5 Perception of Teachers’ work as a result of Covid-19. 19 Figure 6 Importance of Providing Students with Access to Technology for Remote Learning. 19 Figure 7 Creating a Flexible ‘Hybrid’ Model of Schooling into the Future. 20 Figure 8 The Importance of Having Virtual (Fully Online) School Options. 21 Figure 9 Shifting to Remote Schooling during Covid-19 was successful in Australia. 21 Part 1: Brief Summary Introduction COVID-19 (Corona) has changed the way of living of each and every class of person in the whole universe. People lifestyle whether he is a high class or low class, he is forced to change of doing his daily activities. This study is focused on how Australia managed and is managing Covid-19 situation and its economy with the situation of Covid-19. Further, study has provided an example how Covid-19 had helped to transform the way of doing things. Coronavirus disease (COVID-19) is an infectious disease caused by the SARS-CoV-2 virus. Most people infected with the virus will experience mild to moderate respiratory illness and recover without requiring special treatment. However, some will become seriously ill and require medical attention. Older people and those with underlying medical conditions like cardiovascular disease, diabetes, chronic respiratory disease, or cancer are more likely to develop serious illness. Anyone can get sick with COVID-19 and become seriously ill or die at any age. (WHO, n.d.) Every nation of the world had faced a very high monetary and psychological cost due to current situation of Covid-19 and still is unpredictable of solving the problem of Covid-19. In similar way, Australia had face problem in economy as well as in individual level due to presence of many restriction within state and boundaries. This had not only stop the growth of nation’s economy but also an individual target. People have to defer its goal to upcoming easy day but are uncertain when those will revive. By considering all the impact within nation and problem being faced by us on daily basis, I decided to provide some sight on aspect of Covid-19, its impact on economy- individual level and as a whole economy level, its impact on education sector. During the development of research for this report, the researcher has identified a number of data collections and its analysis method to discuss the issue in a much more elaborative manner for to find reasonable answer to the research question. This research is designed on following aspect based on collection of data, analysis and findings: Brief details of Covid-19 and its impact on AustraliaEffort of Government and Reserve Bank of Australia (RBA) to overcome Covid-19 impact and run economy with the presence of Covid-19Current Microeconomic with its change rate over pre-pandemicCurrent Macroeconomic with its change rate over pre-pandemic and Key Covid-19 policies intervention in macroeconomic statisticsBrief description on education sector of Australia and plan with its execution done for improvement and operating education sector Generally, there are two types of data collection methods available in academic research one is primary quantitative method and other one is secondary qualitative method. In this research, the researcher has selected a secondary qualitative data collection method to gather an extensive amount of information associated with the research question and topic. This helped the researcher to gather the data from different secondary sources including journals, books, articles, magazines, news articles and most importantly the internet sources. Most of the information for the research purpose had been taken from available website, news and other Australian Government portals. Most of the information were tried to summarize on own word but in-terms of actual data, they had been exactly complied in report for showing actual figures through this report. However, conclusion is tried to mentioned on own word. It is one of the most strategic and effective methods to achieve a higher degree of results from collected information. In this research report as well, the researcher had gathered data using secondary qualitative method for which secondary thematic data analysis method (Caulfield, 2021) had been selected to find out something about people’s views, opinions, knowledge, experiences or values from a set of qualitative data on the basis of research question and topic. Researcher is fully based on finding the answer of: “How is the impact of covid-19 dealt by the nation in-terms of economy and education sector?” Researcher had used following aspect to analyze the findings of research: Data from various sources were prepared and then organized systematically to process furtherThen data are reviewed several times and filter. For filtering, researcher connect research question and topic with the data to demonstrates how one might highlight key words and phrases as well as make notes in the margins to categorize the dataThen identify recurring themes of presenting with language, opinions, and beliefs. Part 2: Detailed Research based on research design 2.1. Covid-19 and its Impact in Australia economy With the increase in vaccination campaign in Australia, as of September 8, 2021; 39% of Australians are fully vaccinated, and 64 percent have had at least one dose. Today (Sep 8, 2021), Australia’s border remains closed; citizens must request permission to leave or enter the country, and incoming travel quotas were recently slashed in an attempt to stem rising cases. Governments are increasingly relying on police and military forces for enforcement, and lockdowns are costing the Australian economy billions. (Gray, 2021) It is sure the impact of totally seen in economy and mental health of people. Government focus on infrastructure development had been shifted to health sector quality development mobilizing most of the manpower in health sector. Describing the economic impact of the pandemic, the Institute for International Trade (IIT) at Adelaide University said measures taken by federal and state governments to restrict the flow of people and goods to control the virus produced ‘four separate but related economic shocks’: The employment shock as hundreds of thousands of workers were laid off and were unable to find alternative employment given the profound and pervasive nature of the economic downturn. The Government’s ‘job keeper’ response has provided temporary relief for many of these laid-off workers, but this has required an unprecedented dramatic increase in the national debt. (Parliament of Australia, 2021) Increase in unemployment was mainly due to less economic movement in the nation lead to increase unemployment. To revive same, nation had to fund and increase development activities. On one hand, revenue collection had been impacted mainly due to less economic activities within nation and also with international parties. On other hand, increment of unemployment had caused problems of maintaining living standard which had caused Government to expense more for infrastructure development through debt as revenue collection had been impacted. The supply shock as factories in affected countries have been forced to close, together with most forms of international transportation being heavily reduced (Parliament of Australia, 2021) Due to less economic activities, factories are unable to fund the required man power which had caused less production of products or services. Also, services are deferred to next year on account of covid crisis. This all had caused on supply side of the economy. The demand shock as social distancing and other measures imposed by governments caused an unprecedented drop in business activities in sectors such as hospitality, tourism, elective medicine, personal care services, and public entertainment (Parliament of Australia, 2021) With decrease in supply side and movement of international parties within nation, demand had been drastically changed during covid-19. Consumption of household had been increased with drastically decreased in other consumption (luxurious items, entertainment items and many more). To meet decreased demand, supply need to be decreased causing more problem to the economy GDP and employment opportunities. The financial shock as cash flows of many businesses became severely constrained and the high degree of uncertainty caused financial markets to become increasingly volatile and the share prices of those companies most exposed to the above two shocks experienced precipitous drops (Parliament of Australia, 2021) Liquidity had been hampered in the economy as cash flow had been significantly decreased due to less demand with less supply compare to previous economic activities. Financial viability of the company had been uncertain during covid-19 which had caused to increase provision by its financial institution which had also caused to shock liquidity flow. Fund of the financial institution had been hampered due to less cash flow in economy with increase delinquency ratio and provision of the company. (ABS, 2021): Impact of Covid-19 in nation had started with the cases rose per day resulted restriction on economy from March 2020 with closure of boarder and schools. This has impacted overall economy sector of nation with increment of underemployment resulting 1.8 Mn. people working hours reduced in April 2020 with unemployment peaks at 7.5% and reported falls of GDP by 7% in continuous two quarter of 2020 (ABS, 2021) However, with the vaccination roll out and packages introduced by Government during August 2020, economy starts reviving slowly with the improvement of unemployment. This had resulted rose in GDP by 0.7% in June 2021. It was supported by strong export prices for mining commodities and increased in spending on (ABS, 2021): Services by 1.3%,Transport services by 25.4% andHotels, cafes and restaurants by 2.2% Australia’s success proves that a strong public health response enforced by a democratic government focused on vigilant testing, tracing and quarantine is the key to fighting a pandemic. During March 2020 when first Covid-19 first became threat to the economy, the Federal government responded quickly closing international borders and implementing a mandatory home isolation program for returning Australian citizens. Police were dispatched to homes to check that returned travelers were adhering to quarantine requirements and when breaches were discovered, Australia quickly moved to a mandatory hotel quarantine system in which hotel rooms were often guarded by police or military. (Haseltine, 2021) Australia has also implemented a cap on incoming international flights carrying returned citizens in order to ensure the quarantine system isn’t overwhelmed. While this has been an effective policy it has not been without controversy. Approximately 40,000 Australians are currently stranded overseas, desperate for a place on those limited flights which has been considered a human rights violation by some. (Haseltine, 2021) While restrictions varied between the states and rural and urban populations, they were clearly communicated through daily televised press conferences, public signage and advertising and further media outreach. Non-essential businesses were immediately closed, everyone was given a limited radius that they could not leave unless it was for essential work, medical appointments or caretaking, and households were not allowed to mix with some exceptions. Anyone found to be violating those restrictions faced a hefty fine. The easing of these restrictions and eventually restrictions on indoor and outdoor gatherings were tied to declining infection rates. This gave Australians a clear, logical path forward to reopening and encouraged compliance. (Haseltine, 2021) Achievement in June Quarter 2021 compare to March Quarter 2021: (Oliver, 2021) ParticularsIndicatorChange %GDP0.7Domestic final demand1.7Consumer spending1.1Business Investment2.3Dwelling Investment1.7Public Demand1.9 Comparing with previous quarter, economy is reviving with the increase in economy transaction with the ease of Covid-19 restrictions and the recovery in labor market. GDP was supported by the demand, consumption, investment and spending within economy. Also, comparing with last year quarter GDP saw a rise of 9.6% with major improvement in this quarter. (Oliver, 2021) Company’s financial achievement Listed company rose ~50% in 2020-21 compare to last financial year with ~75% of companies reported higher profits. Also, 89% of companies raising or maintaining dividends driving a record dividend payout of nearly $40 billion, and over $20 billion in buybacks. (Oliver, 2021) Lockdown cost and achievement Expert estimate is that the lockdowns since late May are costing the economy around $28 billion in lost output. Also, there is presence of many psychological cost which cannot be valuated had impacted person life and economy as a whole. Though lockdown are painful to the economy, Australia was able to save many people live which it think precious than such additional cost. Due to which, Australia was able to save life of around 48,000 people considering same per capita number of deaths of the UK and US. (Oliver, 2021) Expectation of improvement (Oliver, 2021)People are learning to live with Covid-19Government support on payments and constraints spending on lockdown which had created a reasonable degree of job securitySignificant growth on investment in 2021-22 financial yearEasier monetary policy introduced by Government are expected to last longAchievement of higher vaccination rate motivate for reopening Australia. Analysis and Interpretation: Australia economic growth in June quarter had provided some relief on improvement and running economy within nation despite of 18 months boarder closure with many restriction on operation of economy and people’s movement. Cost of economy losses with psychological cost had already been seen and are expected more in future, however, people had adopted way of living with covid and rising vaccination had supported in reviving economy. 2.3. Measures taken to overcome the impact of COVID-19 on Australia economy By RBA: Being a primary health issue, COVID-19 has directly impacted on the economy and financial system of the nation. The primary response to the virus is to manage the health of the population, but other arms of policy, including monetary policy, play an important role in reducing the economic and financial disruption resulting from the virus. The Reserve Bank is committed to do what it can to support jobs, incomes and businesses in Australia. RBA is fully committed on economic flow of the nation with sufficient liquidity management within nation and maintaining sufficient foreign reserve through its policy: (Reserve Bank of Australia, 2021) Lower the Cash Rate Target to 0.1 Per cent The Reserve Bank Board reduced the cash rate twice in March 2020, to 0.25 per cent, and to 0.1 per cent on 3 November 2020. This is boosting the cash flow of businesses and the household sector as a whole. It also helps in flow of fund in the market with low interest rate impacting positively to the required business for funding and operating its business with less finance cost. Also, same had helped to expand to other sector for introducing capital expenditure at lower finance cost. However, person relying on interest income can impact negatively but people benefited from such cash rate discount surpass such people negatively impacted. Target for the April 2024 Australian Government Bond Yield of Around 0.1 Per cent On 19 March 2020, the Board announced a target for the yield on the 3-year Australian Government bond of around 0.25 per cent and reduced this target to around 0.1 per cent on 3 November 2020. To meet the target Bank stands ready to purchase government bonds from secondary market at the rate of $4 billion a week until at least Feb 2022 (Low, 2021) Cash flow to the market in need of cash for running economy helps to create good movement in economy through different ways: increasing wages payment, increasing expenditure, loan disbursement and many more. Government Bond Purchase Program At its monthly meeting on Sep 7, 2021, the RBA board stuck with its plan to reduce the size of its weekly purchases of government bonds to $4 billion from $5 billion. But it will now review these purchases in mid-February rather than mid-November as planned. At the same time, it will keep official interest rates on hold at 0.1 per cent, re-affirming its belief they will not be increased until 2024 at the earliest because of ongoing weak wages growth. Provide Liquidity to the Financial System In March 2020, the Bank announced it would conduct regular one-month, three-month and six-month maturity repurchase operations as long as market conditions warranted. In April 2020, the Bank announced that daily open market operations were likely to be on a smaller scale in the near term given the substantial liquidity already in the system and the commencement of the Term Funding Facility. Also, to assist with the smooth functioning of Australia’s capital markets, the Bank decided in May 2020 to broaden the range of eligible collateral for the Bank’s domestic market operations to include Australian dollar securities issued by non-bank corporations with an investment grade credit rating. South Australia employs a pragmatic debt and liquidity management strategy based on established market discipline and the governance structures of the state’s central financing vehicle, the South Australian Government Financing Authority (SAFA). SAFA held surplus liquidity of AUD4.6 billion at 22 June 2021, sufficient to fund its obligations for 456 days. (Fitch Ratings, 2021) Provide a Term Funding Facility for the Banking System, to Support Lending to Businesses The objectives of the Reserve Bank’s term funding facility (TFF) are to lower funding costs for the entire banking system to lower the cost of credit to households and businesses, and to provide an incentive for lenders to support credit to businesses, especially SME businesses. On 19 March 2020, TFF was announced and an increase and extension of the TFF was announced on 1 September 2020. On 3 November the interest rate on the TFF was reduced from 0.25% to 0.1%. On 30 June 2021 the TFF closed to new drawdowns as scheduled. As the facility has provided low-cost fixed-rate funding for 3 years it will continue to support low borrowing costs until mid-2024. The Australian Government is supporting the markets for asset-backed securities through the Australian Office of Financial Management. This support is important as it helps non-bank financial institutions and small lenders to continue to provide credit to Australian households and businesses. Establish a Foreign Exchange Swap Line to Support US Dollar Funding The Reserve Bank and the US Federal Reserve have established a temporary swap line for the provision of US dollar liquidity. The swap line allows the Reserve Bank to access up to US$60 billion in exchange for Australian dollars. The US dollars can be made available to financial institutions operating in Australia via repos with the Reserve Bank. Supporting the Supply of Banknotes and working with Government bodies RBA is closely monitoring changes to banknote demand and is in regular contact with the banknote distribution network, including banks and cash transportation companies, to ensure the Reserve Bank is able to meet the needs of the Australian public. RBA has been working with its distribution network to supply banknotes to some locations where temporary shortages are more likely to emerge due to short-term increases in demand. RBA is working closely with the Australian Government, the Australian Treasury and Australia’s financial regulators on the coordinated response to COVID-19. By Government: Australian government had provided numerous relief packages for running and reviving the Australian economy: Classifying Job-Keeper payments in ABS economic accounts: JobKeeper payments will provide an estimated $70 billion of support from the Australian Government to eligible employers. The payments will be made by the Australian Taxation Office directly to eligible employers who will be directly responsible for ensuring that eligible employees receive a wage of at least $1,500 per fortnight for a maximum period of six months commencing on 30 March 2020. Payments by eligible employers will be made through their payroll to eligible employees, within the conditions of their existing employer-employee relationships. All payments to employees will be reported through the tax system using Single Touch Payroll. Employees’ income tax liabilities will include JobKeeper payments. Early release of superannuation provisions From mid-April 2020, the Australian Government expanded early release of superannuation provisions in response to COVID-19. The expanded early release of superannuation provisions allow eligible individuals in financial stress as a result of COVID-19 to withdraw up to $10,000 of their pension entitlement in 2019-20, and a further $10,000 in 2020-21. By 11 May 2020, Australian Prudential Regulation Authority (APRA) regulated funds had paid $6.3 billion to members. Boosting cash flow for employers scheme From 28 April 2020, “the Government is providing temporary cash flow support to small and medium businesses and not-for-profit organisations that employ staff during the economic downturn associated with COVID-19 (novel coronavirus)”. The scheme is estimated to cost $31.9 billion and provides tax-free amounts between $20,000 and $100,000 to eligible businesses delivered as tax credits based on an eligible business’s withholdings. These amounts, will be automatically credited to the eligible business and delivered as two separate “boosts” during 2020. Electricity bills support to households These government payments are either: general rebates and credits, i.e. bill support to provide price relief to all households, orspecific measures to alleviate economic hardship, i.e. bill support for vulnerable households experiencing hardship. Analysis and Interpretation: Government and RBA effort for developing economy during restriction situation had helped economy to run but was not smooth as was during pre-covid due to spike of unemployment and out of business. RBA with the introduction of monetary policy and different relief package is expect to improve economy and individual living standard as previous and expect to continuous for more longer period as RBA showing sign of same. Also, Government had provided disaster payment, relief on basic needs and various other scheme during harsh situation of covid-19 to sustain in the economy. 2.4. Micro Economics Microeconomics is the study of individuals, households and firms’ behavior in decision making and allocation of resources. It generally applies to markets of goods and services and deals with individual and economic issues. (The Economic Times, n.d.) Household consumption measures the value of goods and services purchased by households and specifically excludes those purchased for business purposes. In Australia, it is the largest component of GDP accounting for around 60% and a major contributor to the Household saving ratio. Nearly 80% of food consumed by households in Australia is purchased through Supermarkets. The onset of the COVID-19 pandemic and subsequent lockdowns and restrictions introduced by Governments, led to shifts in household consumption behavior. There was a significant increase in spending on food items at supermarkets as households prepared for an extended period at home. Household expenditure rose by 1.1% in June 2021 quarter. Also, the household saving to income ratio declined from 11.6% to 9.7%, remaining at elevated levels mainly due to the rise in household consumption and a fall in gross disposable income. (ABS, 2021) In June 2021 quarter, all states had increases in mobility and recorded commensurate rises in household consumption. Victoria, which experienced the longest lockdown in the June quarter, recorded the smallest increase in household consumption. The lockdowns in the Northern Territory and New South Wales were implemented late in the June quarter and had no discernible impact on household spending. Household consumption in Queensland was driven by spending on travel, purchase and operation of vehicles, and electricity, gas and other fuels, while retail and recreation categories fell. (ABS, 2021) Figure 1: Changes from pre-pandemic to June quarter 2021 *Source: ABS, 2021 Transport, Postal and Warehousing (+3.7%) and Accommodation and Food Services (+2.8%) also rose during June 2021 quarter, benefitting from increased tourism and government initiatives June quarter 2021. Despite this, activity in both industries remain below pre-pandemic levels. Also, administrative and Support Services rose 6.2% as demand for labour hire services increased. Purchase of vehicles rose 7.5%, reflecting continued strong demand and increased supply of vehicles for purchase this quarter. (ABS, 2021) Analysis and Interpretation: During Covid-19 restriction, household expenditure rose significantly as people were stopped on movement resulted boosting of online shopping with delivery. Also, consumption of supermarkets increased significantly due to increase of spending hours in house. This had resulted high demand of grocery products as people were motivated of cooking and spending time with family. However, after the ease of restriction and decrease in cases, spending on other sector too arose as people were bored on spending in household expenditure. People started to expense on vehicles and other recreational activities were possible. 2.5. Macro Economics Macroeconomics is a branch of economics that studies how an overall economy—the market or other systems that operate on a large scale—behaves. Macroeconomics studies economy-wide phenomena such as inflation, price levels, rate of economic growth, national income, GDP, and changes in unemployment. (RASURE, 2020) Current financial figures of different sector of economy: ParticularsJune Quarter 2019June Quarter 2020June Quarter 2021Total ExpensesAll levels of general government ($b)175.7254.7204.6Total RevenueAll levels of general government ($b)191.9170.2207.2Net Operating Balances (NOB)All levels of government ($b)16.2-84.62.6Commonwealth ($b)11.5-68.9-2.6State and Local ($b)5.8-14.65.6Net Financial Worth (NFW)All levels of general government ($b)-569-806-957University sector selected aggregatesTotal Revenue ($b)NA11.8212.72Total Operating Expenses ($b)10.009.80New capital purchases ($b)0.820.62 Source: (ABS, 2021) The above state that country economy was majorly impacted during introduction of Covid-19 as there is huge differences in June quarter 2019 and 2020 which is pre and during Covid-19 situation respectively. However, improvement is seen in many figures with the increase in economy flow. With the increase in economy transaction on account of ease of lockdown due to increased vaccination rate had resulted increment of collection of revenue by the end of June Quarter 2021. Major contribution on total revenue was taxation revenue which grew 21.5% to $171.5 billion in June quarter 2021 which surpass pre-pandemic levels. However, the cessation of Commonwealth government payments as business conditions generally improved drove the decline in total expenses in June Quarter 2021. This had impacted on improvement of NOB in June quarter 2021. (ABS, 2021) Figure 2 Net Operating Balance With the increase in demand of fund for infrastructure development and ongoing pandemic recovery measures, Commonwealth and state governments increased borrowing levels through debt securities and loans resulted decline in NFW. (ABS, 2021) Figure 3 Net Financial Worth University sector total revenue increased by 13.4% in June quarter 2021. Current grants and subsidies drove the increase in revenue. Sales of goods and services also rose. Capital investment programs of most Australian universities continued to be impacted by the ongoing postponement or cancellation of new infrastructure projects. New capital purchases fell by $0.2 billion. Universities implemented a range of cost cutting measures over the past year. This continued to place downward pressure on operating expenses this quarter, which fell by 2.0% ($0.2 billion). Redundancies made in prior quarters resulted in lower staff levels and a reduction in wages and salaries compared to June quarter 2020. (ABS, 2021) Figure 4 University sector selected aggregates As per June 2021 quarter report, The Australian economy rose 0.7% in seasonally adjusted chain volume measures reflecting the continued easing of COVID-19 restrictions and the recovery in the labour market. GDP rose 1.4% in 2020-21. The terms of trade rose 7.0% this quarter and is now at its highest level in history. Strong export prices for mining commodities drove the quarterly rise. The strength in the terms of trade contributed to a 3.2% increase in nominal GDP. Also, public investment rose 7.4%, driven by state and local government infrastructure projects and private investment rose 2.0%. Both housing and business investment increased, supported by government initiatives and increased confidence. Ownership transfer costs increased 10.0%, the fourth consecutive rise, reflecting low interest rates and confidence in the housing market. Dwelling investment rose 1.7% with continued high levels of construction activity on renovations and detached housing, coinciding with the federal government’s HomeBuilder scheme. (ABS, 2021) Annual CPI increased to 3.8% in June 2021 quarter from 1.1% March 2021 quarter which includes some ‘base effects’ following the introduction of free child care and a record fall in fuel prices in the June 2020 quarter. However, domestic airfare prices have fallen 14.4% compared to the pre-COVID March 2020 quarter, while accommodation prices have risen 5.3% over the same period following increased demand. (ABS, 2021) Analysis and Interpretation: During first wave of Covid-19 restriction, collection revenue were adversely impacted as Government were unable to achieve targeted revenue due to restriction imposed for the movement. However, expenses were drastically increased on safety and health related to overcome the impact of Covid-19. However, same was not in June 2021 as Government were fully prepared on collection of revenue and targeted area of expense which resulted positive NOB. Talking to university level economy, they are willing to defer capital expenditure on coming year as there is less movement of international student due to boarder close for almost 18 months. However, university was able to increase its revenue with the increase of alternative source of learning as online classes. 2.6. Education Sector The Australian education system is considered one of the best education systems in the world, for both domestic and international students having twelve of the top universities in the world, according to the Times Higher Education’s World University Rankings. Under the Education and Training Reform Act 2006, schooling is compulsory for students aged between 6 and 17 years. As of 2020, government schools held the greatest share of enrolments at 65.6 per cent, followed by Catholic schools at 19.4 per cent, and independent schools at 15 per cent. Approximately 30 per cent of all schools in Australia are affiliated with a religion, which is equivalent to 94 per cent of private schools. (FutureLearn, 2021) The education sector served as Australia’s largest single economic contributor at AU$37.6 billion in 2018-19, with year-on-year growth of AU$5 billion. It has the highest ratio of international students per head of population in the world, with over 812,000 international students enrolled in its universities and vocational institutions as of 2019. Having attracted the third highest number of international students in the world behind the UK and the US pre-COVID, federal government figures indicated that there had been a drop of more than a third in student visa applications in the 2019-2020 financial year. (Linesight, 2021) The COVID-19 pandemic is changing the face of international higher education. The sector, previously dominated by the US, UK and Australia, is losing billions to falling international student enrolments. The sector was worth an estimated A$40 billion to the economy, including about $10 billion in university fee revenue, but has shrunk during the pandemic. (Steven Greenland, 2021) Australian universities’ revenue fall of over 2 billion in 2020 and over 40,000 jobs (one in five, have been lost). (Prakash, 2021) Before pandemic, the number of international students enrolled at Australian universities increased by a staggering 77% over just five years – growing from about 250,000 students in 2014 to 442,000 by 2019. Also, Australia has six universities among the top 100 in the world, according to Times Higher Education’s World University Rankings. However, due to closure of boarder since March 2020, the flow of international students travelling to study at Australian campuses ceased almost immediately. According to Australian Government data, the contraction in total international student enrolments at an Australian university fell by 23.2% from the 2019 peak small in 2020. (Terry, 2021) As per the survey report of Monash University (MU) regarding impact of covid-19 on perceptions of Australian Schooling, the following findings were found: (Here, MU surveyed 2,444 Australian educators and a nationally-representative sample of the public in Dec 2020) (Amanda Heffernan, 2021) People’s perception of teachers’ work improved as a result of Covid-19 as increased knowledge and experience of seeing teachers at work despite increase level of stress and burnout amoung teachers around the world. (41.6% of respondents said that their perceptions of teachers’ work had improved as a direct result of COVID-19.) During Covid-19, Schools reported delivering laptops and devices to students who did not have access which were subsidized by Government. This had helped to increase accessibility of remote teaching to all level of students. (A substantial majority (91.9%) of people responded that it was important to be provided with subsidized or free access to laptops and other devices necessary to complete their schoolwork at home)Hybrid schooling, a new model of learning had been implemented during covid period. In this, there is compilation of face to face and remote learning. It has resulted positive impact due to more family time, more flexibility in children’s schedules, better parental understanding of their children’s learning, a reduction in anxiety and stress, and an increase in children’s confidence in learning. (76.6% of participants were in support of rethinking the way we ‘do’ schooling into the future by creating a more flexible model where students attend school but have the option to take some classes online.) When asked to consider the importance of having virtual (fully online) school options for students, 35.9% of participants said it was ‘of little importance’ or ‘not at all important’. The majority of remaining responses were more cautious, with 35.1% of respondents seeing it as ‘somewhat’ or ‘moderately’ important. The remaining 29% of respondents were more supportive of the importance of the idea. Research has explored the impact of remote schooling for Australian students with diverse learning needs, praising teachers for forging through difficult circumstances to meet their students’ learning needs while emphasizing the need to focus on connectedness and belonging in the event of future shifts to remote learning There was widespread recognition of the challenging work teachers were undertaking to ensure students were supported and remained engaged in their learning. The shift to remote learning was not without its challenges. Research and media reporting have both shown that there were significant challenges in relation to maintaining a sense of connection for students, both with each other and with their schools and teachers. Parents also reported struggling with remote learning and, for many, difficulties in finding a balance between supporting their children alongside their own remote working commitments. (56.7% of respondents agreed that the shift to remote schooling during COVID was successful. 36% of those participants ‘agreed’ or ‘strongly agreed’ with the statement.) Figure 9 Shifting to Remote Schooling during Covid-19 was successful in Australia Also, as per the research conducted in the Asia Pacific College of Business and Law at Charles Darwin University (CDU) found that international students needed more financial assistance. Many lost their local jobs, as well as financial support from their home countries. This caused stress and mental health issues. (Steven Greenland, 2021) Many Australian universities has intermittently switched to online teaching when required due to lockdowns, as well as promoting student hygiene. Among other things, most of the universities had also provided: (Steven Greenland, 2021) free counselling and financial aid including grants for those in financial hardshipgroceries and meals to students who lost their jobsassistance with feespayment instalment options. Education sector of Australia had switched from face to face teaching to online delivery for 2020 academic year and current CY2021 education system are adopting hybrid system of learning. This had ultimately helped to domestic as well as offshore students to complete academic year. However, there are presence of challenges regarding quality aspect of education sector which is process of improving on daily aspect by linking each student and taking feedback on scheduled manner. Also, lack of cloud computing had caused loss of data and data loading problem of high storage resulted disturbances in operation of online program which in result high cost at the beginning for installation. This all had motivating edtech sector in and out of Australia. Australia outlines revival plans for the International Education Industry, a draft practical plans to help the international education sector’s revival, peak associations, pedagogical experts, and airline executives have laid out their recommendations in roundtable meetings: (Abcodo, 2021) The lead time required to organize charter flights and the digital vaccine passport developed by the International Air Transport Association. These considered practicalities are anticipated to be carried out to respond when the latest restrictions have been lifted.Optimize course delivery for 172,000 international students in Australia and another 135,000 stranded in other countries.This international student strategy encompasses practical recommendations prompting Australia to prioritize international student return to the country, especially those from countries with low infection rates, and an 18-month roadmap to steer the industry’s recovery from the most damaging impacts of the pandemic.It was also reported that the plan also included proposals for visa fee waivers for students and regulatory relief for some educational institutions to reduce the burden of regulation due to some compelling reasons.The strategy also featured a government-supported campaign to guarantee students that they are still welcome to the country to pursue their international education. Analysis and Interpretation: Australia is one of the country having 3rd export earnings from international students due to its quality education services and opportunity available in country having small population. However, with the restriction of boarder movement to international students, Australia had cost $40 bn to the economy from education sector impacting revenue collection to the government. However, education sector had found various alternative ways of providing services from online classes to hybrid learning. Education industry are more focusing on maintaining its qualitative aspect of providing service with cultural diversity in teaching for providing better outcome as a result. Many plans had been drafted and in process to implement from early December to boost education industry in Australia after considering health safety factor. Part 3: Findings and Conclusion With the drive of cases, restriction were imposed by Australian Government from peoples’ movement to running business houses with the closure of boarder for almost 18 months till now.Economy was adversely impacted on collection of revenue, expenses and achieving target of positive economic growth. June 2020 recorded negative GDP growth after decades resulting high unemployment rate which had questioned Australia sustainability, however with the support from Government from various level had helped to revive economy.Economy with employment started reviving and in June quarter 2021, Government posted positive growth rate and impressive investment on various sector which motivate stakeholder there is more to go for development of nation.Vaccination drive had increased rapidly and are also increasing now with the target of reopening boarder by early November with the vaccination rate of 80% of population.RBA with the support from Government announced various relief packages of providing payment, lower cash rate, provide liquidity to financial system, foreign exchange swap facility and many more. Government as per market need with maintaining quality within nation, RBA is introducing relief packages and policies for reviving industry and individual from destruction Covid-19.Individual level started investing time with family due to restriction which had caused high demand of household products during lockdown period. This had helped to boost super markets and online business. After the ease of lockdown, individual started moving out were possible and expense on various recreational activities and tourism activities to kill their boredom.With regards to nation level, Government was facing problem on collection of revenue during first wave lockdown as Government were unprepared with increase expenditure on health sector resulting higher external borrowings. However, revenue collection were found satisfactory during June 2021 and expenditure were managed to provide better outcome but the debt remain on increasing trend due to liquidity crunch in nation due to covid-19 and China trade war.Education sector cover as 3rd export income during 2018-19 which were severely impacted in 2019-20, 2020-21 and half year of 2021-22 mainly due to closure of boarder impacting movement of international students. However, education sector are changing way of teaching and learning which had helped in collection of revenue in June quarter 2021. Also, academic session were closing on time during 2021 due to help of remote learning, hybrid learning or online classes.Changing had been found on every sector of nation of way of doing and people had already learned way of living with corona virus. 3.2. Conclusion COVID-19 cases with variant is in fluctuation over the period resulted economy to be fully dependent on vaccination drive by the Government. Vaccination roll out is increasing on daily aspect with increase of public trust which has resulted to improve lockdown strategy around nation. However, nation is not fully prepared to open boarder which has impacted economy which is expected to be sort out on few sector after few months and achievement of target vaccinated population. Despite COVID-19 cases and lockdown measures, economy is reviving and nation is trying to transform way of economy operation which has resulted to obtain improvement in national income accounts with transformation of consumption pattern of individual. Support of Government through various policy had helped to flow liquidity in nation and helped to improve CPI and unemployment rate over the period. Learning activities had been online based amidst current COVID-19 and various alternative method were adopted by education sector. However facing challenges on same. Institution and universities are overcoming on same after knowing its cost and advantages through expert. This report had provided detailed information on covid-19, its impact on economy and education sector. Data are tabulated and figured to provide brief analysis of information. Current status with pre-covid situation had been compared and different research were analyzed to find the better outcome scenario of covid in nation and in education sector. References Abcodo. (2021, Aug 3). Australia Outlines Revival Plans for the Int’l Education Industry. abcodo. Retrieved from https://abcodo.com/blog/australia-outlines-revival-plans/ ABS. (2021, September 01). Australian National Accounts: National Income, Expenditure and Product. Retrieved from Australian Bureau of Statistics: https://www.abs.gov.au/statistics/economy/national-accounts/australian-national-accounts-national-income-expenditure-and-product/jun-2021 ABS. (2021). Consumer Price Index, Australia. 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