Australia considered a rollout of a coronavirus vaccine no sooner than mid-2021 a best-case scenario in its pandemic planning that would save the economy tens of billions of dollars.

Treasurer Josh Frydenberg said the Treasury and Health Departments developed economic modelling based on an assumption that a vaccine would be widely available in Australia.

“These are very uncertain times and as a government, we have taken every step possible to give Australia the best possible chance of getting a vaccine,” Frydenberg said.

Treasury modelling doesn’t contemplate a vaccine becoming available in Australia early next year.

An early vaccine is regarded as one that is rolled out from Jul 1, providing certainty to households and businesses while promoting consumption and investment.