Australia is tipped to experience an economic boom in the next six months with the end of prolonged lockdowns.

ANZ chief executive Shayne Elliott says this coincides
with the lead into Christmas shopping season and people have saved a lot of money during lockdowns as well as reducing their debts.

“My view is that in the next six months we’re in for a
bit of an economic boom,” he says. “We are entering into a period of freedom, travel and being able to do things – and I think people psychologically feel that they’ve earnt it and they have the right to go and do things. I think we’re in for a pretty extraordinary economic time.”

Commonwealth Bank economist Gareth Aird says
Australia is heading for a “booming economy the likes of which we haven’t seen for a long time and the economy will have a cracking year in 2022”.

National
Australia Bank also expects healthy household balance sheets to underpin a robust economic rebound in 2022 after prolonged periods of disruption.