There have been plenty of movies about pandemics, but the rollout of multiple vaccines within a year generally hasn't featured in the final act. I doubt any studio would have bought such a script. Forecasting in this environment is inevitably an exercise in humility. Even before the rollout of vaccines, Australia's recovery exceeded all expectations. Employment and output are already above their pre-pandemic levels.
Unemployment has returned to its pre-pandemic levels. As the Governor outlined last week, New Zealand is the only other advanced economy with employment above its end-2019 level. Only a handful of economies, most of them in the Asian region, have seen GDP recover to pre-pandemic levels.