The Herald Sun Business Columnist Terry McCrann has discussed what a potentially effective coronavirus vaccine could mean to the economy both in Australia and globally.

He said a massive build-up of potential spending power has taken place, as in Australia, there has been a “huge level of savings” taking place within the populace, despite the difficulties experienced in 2020.

“On average consumers have saved 20 per cent of their incomes in the latter part of the year,” Mr McCrann told Sky News host Peta Credlin.

“Plus, those record low interest rates.

“So if we actually get a vaccine which is effective, effective in an economic sense just as much as in a medical sense – so that all the air traffic can resume, people can ride freely around the world and all those planes can start flying again … that will be a real supercharger”.