Stage 4 coronavirus restrictions in Melbourne could cost the economy $9 billion, Scott Morrison says
4 years, 4 months ago

Stage 4 coronavirus restrictions in Melbourne could cost the economy $9 billion, Scott Morrison says

ABC  

The newest measures in Victoria's harsh coronavirus restrictions could rip close to $10 billion out of the nation's economy in a matter of weeks, Prime Minister Scott Morrison says. Key points: The total cost of Victoria's lockdowns this quarter is estimated to be as high as $12 billion The total cost of Victoria's lockdowns this quarter is estimated to be as high as $12 billion The latest round of restrictions alone is set to cost between $7 billion and $9 billion The latest round of restrictions alone is set to cost between $7 billion and $9 billion Unemployment will also rise higher than previously forecast Melbourne has been plunged into stage 4 restrictions, which severely limit people's movements and how businesses are allowed to operate. Mr Morrison said preliminary estimates from Treasury suggested those measures would shrink real Gross Domestic Product by between $7 billion and $9 billion in the quarter ending in September. Estimates made before the latest measures suggested stage 3 restrictions in parts of Victoria would cause a real GDP drop of $3.3 billion, or 0.75 percentage points in the September quarter.

Treasury Cost Billion Melbourne Victoria Morrison Restrictions Mr Morrison  morrison  restrictions  stage  economy  real  melbourne  billion  latest  unemployment  measures  cost  victorias  scott  coronavirus  quarter

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Sydney's COVID-19 outbreak may cost Australia $7 billion, Cue boss urges harder lockdown
3 years, 5 months ago

Sydney's COVID-19 outbreak may cost Australia $7 billion, Cue boss urges harder lockdown

ABC  

While many retailers are bemoaning Greater Sydney's extended lockdown, some are calling for tougher restrictions to help control the outbreak more quickly as the economic damage quickly mounts. "My estimate is that it’s costing the NSW economy, and therefore by definition the national economy, about $1 billion a week," AMP Capital's chief economist Shane Oliver said. He also said the …

Economic impact of coronavirus will hit next year, experts say
4 years, 1 month ago

Economic impact of coronavirus will hit next year, experts say

Dutch News  

Despite the slight drop in the unemployment rate this week, and signs of a speedier economic recovery from the coronavirus crisis, the big hit will be felt in the second quarter of next year, according to experts. In total, 102 banking, legal and investment experts took part in a survey on the likely impact of the crisis carried out by …

A Lost Decade: Decoding the cost of Covid-19 pandemic
4 years, 2 months ago

A Lost Decade: Decoding the cost of Covid-19 pandemic

India Today  

A decade after facing the worst financial crisis since the Great Depression in the 1930s, the world has again stumbled upon an unprecedented economic challenge due to a microscopic virus. Citing International Labour Organisation estimates, the UNCTAD report indicated that the pandemic has put jobs of more than 500 million people in jeopardy, mainly in the developing world. In what …

Federal Budget 2020 reveals Australia headed to record debt of almost $1 trillion
4 years, 2 months ago

Federal Budget 2020 reveals Australia headed to record debt of almost $1 trillion

ABC  

Billions of dollars in fast-tracked tax cuts and younger worker wage subsidies underline the Federal Government's budget recovery pitch, as Australia's recession sends debt and deficits to record levels. Key points: Debt and deficits are set to hit record highs as coronavirus savages the economy Debt and deficits are set to hit record highs as coronavirus savages the economy Businesses …

Australia’s Victoria sees a steady drop in new coronavirus cases
4 years, 3 months ago

Australia’s Victoria sees a steady drop in new coronavirus cases

Deccan Chronicle  

Sydney: Australia’s Victoria state said the daily rise in coronavirus infections eased further on Thursday, as the state began relaxing most restrictions outside its largest city of Melbourne after a steady drop in cases in recent days. Victoria, Australia’s second-most populous state, reported 28 new cases on Thursday, the lowest daily rise since June 24 and down from daily highs …

Victorian COVID-19 modelling author Tony Blakely admits Melbourne lockdowns won't stop third wave
4 years, 3 months ago

Victorian COVID-19 modelling author Tony Blakely admits Melbourne lockdowns won't stop third wave

Daily Mail  

The expert behind Melbourne's economically destructive Stage Four lockdowns has admitted the measures won't prevent a third wave of coronavirus. Professor Blakely said he could not guarantee the Stage Four lockdowns would prevent a potential third wave outbreak because the disease was unpredictable. Professor Blakely said he could not guarantee the Stage Four lockdowns would prevent a potential third wave …

COVID restrictions in regional Victoria could be eased faster than expected, says Premier Daniel Andrews
4 years, 3 months ago

COVID restrictions in regional Victoria could be eased faster than expected, says Premier Daniel Andrews

ABC  

Victorian Premier Daniel Andrews says restrictions could be eased quicker than expected in regional Victoria because of the low number of active cases in country areas. Key points: Victorian Premier Daniel Andrews says restrictions in regional Victoria could be eased sooner than expected Regional Victoria will move to Step 2 on the Government's reopening road map on Sunday night Mr …

Australia's coronavirus recession might soon be over, but the economic road back to full recovery will take years
4 years, 3 months ago

Australia's coronavirus recession might soon be over, but the economic road back to full recovery will take years

ABC  

And now for the good news. The long road to jobs recovery The last official recession we endured, back in 1991, appears as a tiny aberration in the economic growth story. But he's also stuck to his guns on the traditional supply-side measures, repeatedly hinting the October 6 budget may bring forward $158 billion in personal income tax cuts. Last …

Victorian jobs slump amid stage 4 coronavirus lockdown, but 'COVID recession' bites elsewhere
4 years, 4 months ago

Victorian jobs slump amid stage 4 coronavirus lockdown, but 'COVID recession' bites elsewhere

ABC  

Paula Evans, owner of boutique Tierra Alma in beachside Mordialloc, didn't need the Australian Bureau of Statistics to tell her about the epic economic pain of Melbourne's August lockdown. Key points: Payroll jobs fell 1 per cent around the nation, but 2.8 per cent in Victoria, in the month to August 8 Melbourne entered tough stage 4 coronavirus restrictions on …

Commonwealth Bank of Australia impaired loan expenses double because of coronavirus crisis
4 years, 4 months ago

Commonwealth Bank of Australia impaired loan expenses double because of coronavirus crisis

Daily Mail  

The fragility of Australia's economy has been laid bare as the biggest home lender revealed the cost of troubled loans had doubled because of the coronavirus recession. The Commonwealth Bank's rate of troubled home loans has doubled as the coronavirus recession hits the ability of younger borrowers to repay their mortgages The major banks in March offered struggling borrowers six-month …

Victoria's coronavirus lockdown won't help an economy that's being held hostage by a pandemic
4 years, 5 months ago

Victoria's coronavirus lockdown won't help an economy that's being held hostage by a pandemic

ABC  

The fate of the economy, at least as far as the eye can see, has been resting on how well the authorities can control the spread of coronavirus. He says the current unemployment rate is actually more like 11.5 per cent, despite Australian Bureau of Statistics figures showing the "headline" rate is a fraction over 7 per cent. "I think …

Victorian economy hardest hit by coronavirus fallout as immigration dries up
4 years, 5 months ago

Victorian economy hardest hit by coronavirus fallout as immigration dries up

ABC  

Australia's second-most populous state was poised to take the biggest economic hit from the COVID-19 pandemic even before a dramatic spike in cases over the past fortnight forced renewed shutdowns in large parts of Melbourne. Key points: Victoria's gross state product is expected to fall 1.6pc in 2020-21 The state is vulnerable due to its reliance on immigration from overseas …

Australia is defeating coronavirus but remains at risk of losing through an 'economic own goal'
4 years, 5 months ago

Australia is defeating coronavirus but remains at risk of losing through an 'economic own goal'

ABC  

If handling pandemics was a sport, Australia has made it into the knockout stages of the coronavirus world cup. Grattan notes that in the roughly three months since the pandemic truly started hitting home in Australia, the Federal Government has announced an unprecedented $138 billion in spending measures to support businesses and households — nearly 7 per cent of the …

The coronavirus recession is like no other — and it risks becoming a chronic problem
4 years, 6 months ago

The coronavirus recession is like no other — and it risks becoming a chronic problem

ABC  

Forget what you know about recessions, this one is very different — and it may be chronic. That's not to say we're about to experience years of economic contraction or "negative growth" as economists like to say, but it's going to remain tough going for many Australians for years. This is the combination of two overbearing forces: an economy built …

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