Australia said on Monday that it will reopen its borders to vaccinated visitors this month, bringing the tourism industry back to life, boosting migration, and pouring billions of dollars into the world's 13th largest economy.

The action puts an end to Australia's final major response to the COVID-19 pandemic, which it has ascribed to low mortality and infection rates. Stop-start lockdowns, the second basic approach, were retired for good in December.

In recent months, the nation has made moves to loosen border restrictions, such as allowing skilled migrants in and establishing quarantine-free travel arrangements - "travel bubbles" - with select countries such as New Zealand.

However, the reopening, which takes effect on Feb. 21, marks the first time since March 2020 that anyone from anywhere in the globe can come to Australia as long as they are vaccinated.

"If you're double-vaccinated, we look forward to welcoming you back to Australia," Prime Minister Scott Morrison said during a media briefing in Canberra.

The tourist industry, which has relied on the domestic market, which has been harmed by mobility restrictions, has applauded Morrison's decision, which comes three months before an election.

"The business has been on its knees for the past two years since the borders were closed," said Australian Tourism Export Council Managing Director Peter Shelley over the phone.

According to Tourist Research Australia, international and domestic tourism losses have totaled A$101.7 billion ($72 billion) since the outbreak began. According to TRA, Australia's international travel spending fell from A$44.6 billion in the 2018-19 financial year to A$1.3 billion in 2020-21.

Investors hailed the idea of a return to profit growth, sending tourism-related companies soaring. Qantas Airways Ltd (QAN.AX), the country's largest airline, increased by 5%, while Flight Centre Travel Group Ltd (FLT.AX), a travel agency, increased by 8%.

In a statement, Qantas CEO Alan Joyce said the firm was reviewing flight schedules to see whether it might restore flights from other overseas destinations shortly.

COVID cases in Australia, like elsewhere in the globe, have risen sharply in recent weeks as a result of the Omicron form, which medical experts believe is more transmissible but less virulent than earlier strains.

New cases and hospitalizations appear to have halted as more than nine out of ten Australians over the age of 16 have been completely vaccinated, according to officials.

On Monday, the country recorded just over 23,000 new infections, the lowest number since 2022 and much below the peak of 150,000 a month ago.

In the meanwhile, Morrison said that the government will send up to 1,700 Australian Defence Force troops to cover staffing shortfalls in the elderly care sector, citing concerns of understaffing and weariness as a result of the pandemic's increasing strains.