This possibility is being considered, some opinions are that stronger lockdown = worse economy. However, it is being subject to analysis. We don't have to 100% assume, though It is early days yet, here (
https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(21)00978-8/fulltext) is an example of analysis for a 12 month period mostly in 2020. They only have mortality data, not illness data, but they acknowledge this, and the facts provided from the information they do put together are very interesting.
Recognising that governments have to make decisions that "trade-off" considerations for public health, economic growth, political solidarity, and civil liberties, they took 5 OECD countries including Australia who have used elimination strategies (stronger lockdown aimed at stopping the spread), and compared them with OECD countries who have used mitigation strategies (weaker lockdown aimed at preventing hospitals being too overwhelmed).
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The three charts are easy to understand. The orange line is Australia and the other elimination countries, the blue line would include the UK, US, and much of Europe. The first chart shows deaths per million population is much lower for elimination (duh), but the chart of real interest is the second one, which shows that GDP has been overall better for the countries doing stronger lockdowns.
Yes we can think and believe what we choose, I agree with
@Cook, this is important in any democracy. Also important is to consider research and analysis. There are many years to come and long term outcomes may look different. But the current data shows that we probably don't need to be too worried about the impact of Australia's choices about lockdown measures on the economy. In fact it appears that the countries who have gone with weaker lock downs are the ones who might have more cause to be worried about the prospects of their economy.
It remains to be seen, but I think the odds are better that long term the stronger lockdown countries will overall do better economically, even more than this research of a 12 month period reveals.