And it must be said that the $200b we've borrowed has to come from somewhere, and that money represents lost utility as well.
Actually... $379.8 billion, at least.
A casual google search... some of these are from a month ago, though, there's probably more spending since then.
Commowealth: $320B [https://treasury.gov.au/coronavirus]
NSW: $3.3B ($2.3B here, plus another $1B on public housing planned) [https://www.abc.net.au/news/2020-03-17/nsw-government-reveals-2.3-billion-coronavirus-stimulus-package/12061322]
Qld: $4B [https://www.treasury.qld.gov.au/programs-and-policies/covid19-package/]
SA: $1B [https://www.premier.sa.gov.au/news/media-releases/news/$1-billion-stimulus-package-to-save-sa-jobs,-businesses]
Tas: $1B [https://www.abc.net.au/news/2020-04-27/economic-future-for-tasmania-state-of-states-coronavirus/12187220]
Vic: $49.5B [https://www.abc.net.au/news/2020-04-16/coronavirus-victoria-schools-term-2-update-covid-19-cases/12151790]
WA: $1B [https://www.abc.net.au/news/2020-03-31/wa-coronavirus-household-business-bill-relief-package-explained/12107856]
That's 26% of GDP, altogether. Well... the pre-lockdown GDP, anyway. Of note: normal commonwealth government spending is about 24% of GDP. So altogether government spending will be half the economy. That's very Scandanavian. No atheists in foxholes, and no free market capitalists in a crisis :)
The Vic money is mostly for big infrastructure projects, so a good chunk of it will go overseas to foreign companies, engineers, etc. The Commonwealth money... well, we're not allowed out so we can't really spend it on much... Obviously the poorer people will spend it all on ordinary old groceries and consumer goods, which is good for the economy and for them, but the rest of us? I guess people will save it or whack it on their mortgage. Nice for the banks.
I don't have a problem with going into debt as such, so long as what we're spending it on builds the country in some way, and doesn't just go to foreign multinationals or buy cheap Chinese junk. But the fact is that at some point the debt has to be repaid, which means either less services or higher taxes. And nobody ever got elected promising less services and higher taxes, so it tends not to get repaid. Which eventually makes things messy.
Rather than tearing things down then borrowing to build them up again, I would rather just not tear things down in the first place. This applies whether the tearing down comes from such pernicious policies as free trade and economic rationalism, or from well-meaning things like the virus response. Again: in the first weeks it was probably necessary, and we didn't know what worked and what didn't so we had to go hard. But now we know.
And again, what works when you do it early on, as Australia did, may or may not work when you wait till 10,000 people are already infected, like other countries did. If you wait till the roof caves in to call the fire department, it doesn't really matter how good the firemen are.