https://rebekahbarnett.substack.com/p/australias-covid-response-cost-9348

"A humanitarian disaster", new report from the Institute of Public Affairs Rebekah Barnett
A new report from Australian think tank The Institute of Public Affairs (IPA) calls Australia’s zero-covid strategy and its associated lockdown measures, “a humanitarian disaster.” It’s easy to understand why the authors (Morgan Begg, Director of the IPA’s Legal Rights Program, and Daniel Wild, Deputy Executive Director of IPA) came to this conclusion. They found that Australia's Covid response, which involved some of the longest lockdowns in the world, cost $934.8 billion and resulted in 31 x more life years lost than were saved.
Australian federal, state and territory governments threw out the evidence-based Australian Health Management Plan for Pandemic Influenza (written in 2014 and updated by the federal department of health in August 2019) in favour of an unscientific, costly, and frankly cruel zero-covid approach. It was an abject failure. IPA’s Hard Lessons reports quantifies just how much this failure cost Australia in life years, economic terms, and in educational losses.
KEY FINDINGS
1. The direct economic, fiscal and inflationary cost of pandemic measures stand at $938.4 billion as at the end of the 2021-22 financial year.
The authors calculate the total cost of Australia’s pandemic response by assessing net direct economic cost ($2.49 billion), government spending ($595.8 billion), and the cost of inflation arising from zero-covid measures.
This estimate is conservative, as it only accounts for direct costs. Examples of costs not included: extra policing resources to enforce public health directions, and costs of transitioning public sector workers to work from home. This estimate accounts for the period from March 2020 to June 2022. Australia can expect to surpass the trillion dollar mark as the Covid response continues, which the trending hashtag #covidisnotover (favoured by Twitter white coats and health policy spokespeople) indicates that it will do for some time yet.

IPA Report: Hard Lessons, 2022, p.16
2. The costs of joblessness and not working on life expectancy as a result of the first nationwide lockdowns in March and April 2020 were 31 times greater than the maximum possible benefits of all lockdowns.
The authors calculate the maximum number of life years saved due to Australia’s Covid lockdowns (Mar 2020 - Jan 2022) to be 57,300.1. This is a generous estimate that encompasses life years saved by lockdowns not just in terms of Covid outcomes, but also due to concomitant factors such as reduced road traffic (and therefore fewer road deaths). My only query is over the estimated life years lost due to long Covid effects, for which the authors defer to UNSW Professor of Economics Gigi Foster’s Cost Benefit Analysis of lockdowns. Given that there is widespread disagreement about the frequency and severity of long Covid, I would like to know how Foster arrived at her figure, and how variations might affect the overall calculation of life years saved. I am going to hear Gigi speak at an event in Perth next week, so hopefully I will have the opportunity to ask her then. (There are still some tickets available HERE).
The authors reference an international body of literature detailing the negative effects of unemployment on life expectancy, largely due to stress (which induces cardiovascular disease); illicit substance and alcohol abuse; and suicide. Loss of life expectancy is a permanent effect - research shows that even when the person becomes employed again, the life expectancy lost is never recovered. The total number of life years lost just in the initial nationwide lockdowns of March and April 2020 was almost 1.8 million years due to job losses alone.

IPA Report: Hard Lessons, 2022, p.15. 3. Students have suffered significant setbacks, particularly in Victoria where Year 9 students reading and numeracy skills have fallen behind by 12 weeks and 17 weeks, respectively.
The authors highlight that Covid is an illness that primarily affects the elderly, and yet Australian children copped the frontline effects of our zero-covid measures. As early as April 2020, experts warned that young Australians were at risk of adverse effects on their educational outcomes, nutrition, physical movement, social, and emotional wellbeing by being physically disconnected from school. While students from all states and territories fell behind in educational outcomes, those with longer lockdowns suffered the worst (See: Victoria). The authors note that Sweden did not close schools during the pandemic, and subsequent research has shown no learning loss.

IPA Report: Hard Lessons, 2022, pg.25.