NSW economy suffers biggest fall in 20 years but coronavirus impact yet to be seen, Premier warns
4 years, 7 months ago

NSW economy suffers biggest fall in 20 years but coronavirus impact yet to be seen, Premier warns

ABC  

NSW is yet to feel the "severe" economic consequences of COVID-19, despite the biggest contraction in its economy in 20 years, the Premier has warned. Key points: In the March quarter the NSW economy shrank by 1.5 per cent In the March quarter the NSW economy shrank by 1.5 per cent That doesn't cover the period where the state was shut down by COVID-19 That doesn't cover the period where the state was shut down by COVID-19 The NSW Premier says the real impact of coronavirus will be seen in the June quarter results Figures from the Bureau of Statistics show Australia's economy shrank 0.3 per cent in the March quarter — in New South Wales it shrank 1.5 per cent. NSW Premier Gladys Berejiklian conceded the state had been "most severely impacted by those restrictions", adding "we did come off the highest base". "The real impact of COVID, I don't think will be felt in those figures until the June quarter results come out, so we should brace ourselves to what those should be."

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History of this topic

Australia's economic decline smaller than feared during latest east coast COVID lockdowns
3 years, 1 month ago

Australia's economic decline smaller than feared during latest east coast COVID lockdowns

ABC  

Australia's economy has recorded its third-biggest fall on record, as COVID lockdowns shut economic activity across the mainland's south-east. Key points: Australia's GDP fell 1.9 per cent in the September quarter, but economists had expected a 2.7 per cent slide A 4.8 per cent slump in household spending led the drop, due to lockdowns across the south-east Household saving rose …

Avoiding recession won't be enough to solve Australia's economic problems
3 years, 4 months ago

Avoiding recession won't be enough to solve Australia's economic problems

ABC  

Australia is not in recession. But it probably won't make much difference if the technical definition of a recession is reached or not — the nation has been in an economic malaise for a while. Australia's economy grew over June quarter Photo shows Pedestrians cross at Flinders Street Australia's economy has bounced back from the COVID recession, with national growth …

NSW COVID-19 lockdown laws tightened, restricting travel from Greater Sydney after crisis Cabinet meeting
3 years, 4 months ago

NSW COVID-19 lockdown laws tightened, restricting travel from Greater Sydney after crisis Cabinet meeting

ABC  

Greater Sydney residents will need a permit to leave the region, under a swathe of new rules to tighten the state's lockdown laws. Key points: Under new rules, people from Greater Sydney can't travel to their holiday home Under new rules, people from Greater Sydney can't travel to their holiday home Anyone who needs to isolate while awaiting COVID test …

Sydney's COVID-19 lockdown likely to be extended — but no-one knows when it will need to end
3 years, 5 months ago

Sydney's COVID-19 lockdown likely to be extended — but no-one knows when it will need to end

ABC  

The Premier Gladys Berejiklian is expected to officially announce today that the lockdown in Greater Sydney will be extended. The lockdown affecting Greater Sydney and its surrounds was tightened last week, and Dr Stanaway said she expected to see whether the tougher restrictions had slowed transmission over the next few days. Yesterday, after Ms Berejiklian and Prime Minister Scott Morrison …

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 …

NSW COVID-19 latest restrictions explained as parts of Sydney go into lockdown
3 years, 6 months ago

NSW COVID-19 latest restrictions explained as parts of Sydney go into lockdown

ABC  

More than 1 million Sydneysiders have been plunged into a week-long lockdown as the city's COVID-19 outbreak spreads to several suburbs. If you live in, or have worked in these four LGAs in the past fortnight, you are subject to the new public health orders: City of Sydney Waverley Woollahra Randwick Until at least 11:59pm on Friday, July 2, anyone …

Australia's economy 1.1 per cent bigger than at the start of the COVID pandemic, GDP data shows
3 years, 7 months ago

Australia's economy 1.1 per cent bigger than at the start of the COVID pandemic, GDP data shows

ABC  

Australia's economy has bounced back from the COVID recession, growing by a much-better-than-expected 1.1 per cent over the past year. Key points: GDP grew 1.8 per cent in the March quarter, above economist expectations of 1.6 per cent The Australian economy is now 0.8 per cent bigger than its previous record, prior to the bushfire crisis and pandemic Both business …

Unemployment and underemployment fall as COVID recovery continues
3 years, 10 months ago

Unemployment and underemployment fall as COVID recovery continues

ABC  

Both unemployment and underemployment have continued their downward trends in further positive signs that Australia's economy is bouncing back quickly from COVID-19. Key points: Employment rose for the fourth consecutive month, leaving unemployment lower at 6.4 per cent Underemployment fell and is now below pre-pandemic levels at 8.1 per cent Victoria led the jobs recovery, and now has a smaller …

The Government steered Australia through the COVID-19 crisis, but the Budget shows it wants business to engineer the recovery
4 years, 3 months ago

The Government steered Australia through the COVID-19 crisis, but the Budget shows it wants business to engineer the recovery

ABC  

Now for the tough bit. Having lashed out more than $100 billion on income support through the JobKeeper program and billions more on unemployment benefits, Treasurer Josh Frydenberg on Tuesday night outlined the second stage of the plan. Budget appeals to the Party faithful Budgets are as much a political document as an economic statement, and this one appeals far …

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 …

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 …

Victoria's coronavirus lockdown won't help an economy that's being held hostage by a pandemic
4 years, 6 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, 6 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 …

The coronavirus recession is like no other — and it risks becoming a chronic problem
4 years, 7 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 …

Australia suffers first recession in 29 years due to Covid-19
4 years, 7 months ago

Australia suffers first recession in 29 years due to Covid-19

CNN  

Sydney/Hong Kong CNN Business — Australia’s economy is suffering its first recession in nearly three decades as the nation grapples with the impact of the coronavirus pandemic. The country’s economy shrank 0.3% in the first three months of the year from the previous quarter, according to the Australia Bureau of Statistics. Despite the recession, Frydenberg said Australia has “avoided the …

NSW Government forecast shows coronavirus to slash up to $20 billion from state's economy
4 years, 7 months ago

NSW Government forecast shows coronavirus to slash up to $20 billion from state's economy

ABC  

The coronavirus pandemic could see between $10-20 billion slashed from New South Wales revenue, with the Treasurer revealing "the hit to the economy is real". Key points: The Government half-year review in December forecast average surpluses of $1.9 billion over four years The Government half-year review in December forecast average surpluses of $1.9 billion over four years Projections now show …

States will pay dearly if coronavirus restrictions are forced to return, Frydenberg warns
4 years, 7 months ago

States will pay dearly if coronavirus restrictions are forced to return, Frydenberg warns

ABC  

Some state economies could lose up to $1 billion every week if hard-line coronavirus restrictions need to be reimposed, the Federal Treasurer will today warn. Key points: Thousands of jobs are expected to return as restrictions ease, boosting state economies Monthly economic output could increase by $9 billion when stage three restrictions ease The main driver of the recovery will …

NSW coronavirus restrictions to lift from Friday, but will not follow all National Cabinet measures
4 years, 8 months ago

NSW coronavirus restrictions to lift from Friday, but will not follow all National Cabinet measures

ABC  

New South Wales will start relaxing lockdown restrictions from Friday, but does not plan to implement all step one measures agreed to by National Cabinet. Key points: The NSW Government has taken two days to release its plan to ease restrictions The NSW Government has taken two days to release its plan to ease restrictions But NSW will still not …

Tasmania's State of the States' economy about to sail into predicted coronavirus economic storms
4 years, 8 months ago

Tasmania's State of the States' economy about to sail into predicted coronavirus economic storms

ABC  

New figures show that before the COVID-19 pandemic hit, Tasmania's economy was the strongest it had been since 2009, and shared equal top position with Victoria. Key points: CommSec's latest report lists Tasmania and Victoria as the nation's strongest performing economies in the March quarter CommSec's latest report lists Tasmania and Victoria as the nation's strongest performing economies in the …

Coronavirus modelling from Victorian Treasury predicts unemployment of 11 per cent, falling property prices
4 years, 8 months ago

Coronavirus modelling from Victorian Treasury predicts unemployment of 11 per cent, falling property prices

ABC  

More than a quarter of a million jobs could be lost in Victoria due to the coronavirus pandemic, according to "catastrophic" modelling from the Department of Treasury and Finance. Key points: Unemployment is forecast to rise as high as 11 per cent while property prices are expected to fall by up to 9 per cent Treasurer Tim Pallas said it …

COVID-19 cost more than 700,000 Australians their jobs in just a week
4 years, 8 months ago

COVID-19 cost more than 700,000 Australians their jobs in just a week

ABC  

The COVID-19 pandemic resulted in a 5.5 per cent slump in jobs in the first week after extensive business shutdowns and social-distancing limits were introduced to contain the virus. Key points: ABS numbers suggest 780,000 jobs were lost as COVID-19 restrictions ramped up Around 90pc of those jobs were lost in the first week of April, after tougher COVID-19 restrictions …

Australia unlikely to experience 'post-war' recovery after coronavirus
4 years, 8 months ago

Australia unlikely to experience 'post-war' recovery after coronavirus

ABC  

So far, so good. According to research by consultancy firm AlphaBeta — run by Andrew Charlton, Kevin Rudd's adviser through the global financial crisis — the stimulus program has already arrested the alarming decline in discretionary spending that rocked the economy during the last week of March. Spending per person plummeted an incredible 13 per cent below normal levels in …

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