Future growth needs open borders and supply-side reform The so-called shock absorbers rolled out to hold the economy together have turned out to be more like a trampoline. But we canât ignore the looming headwinds. Jun 2, 2021 â 6.59pm Save Share The roaring back of Australiaâs economy from the largest contraction since the Great Depression of the 1930s is now officially more than just a very impressive rebound. As yesterdayâs national accounts show, the V-shaped recovery has now lifted the economy above where it was before the pandemic hit. But after this big rebound, without reopening the international borders, ending damaging state-wide lockdowns, and completing the delayed vaccine rollout, growth will taper off quickly from here.