COVID-19 lockdowns a âmass sacrificial eventâ Save Share Perceptions that the economy is stronger than before the coronavirus pandemic are wrong and lockdowns have cost Australia at least $60 billion, according to a Sydney economics professor. University of NSW economist Gigi Foster said Australian policymakers were responsible for the âgreatest economic policy debacle in a generationâ, had succumbed to COVID-19 âmaniaâ, and experts who challenged them had been subjected to intimidation and bullying. University of NSW economist Gigi Foster is a sceptic of lockdowns. Â The economics profession contributed to the mistakes by refusing to participate in a debate over the costs and benefits of lockdowns, Professor Foster told an economics conference this week.