Victoria’s $12b economic hit from new lockdown

Original article by Andrew Tillett, Matthew Cranston
The Australian Financial Review – Page: 4 : 8-Jul-20

Commonwealth Bank economist Gareth Aird says the six-week coronavirus lockdown in Melbourne is likely to reduce Australia’s GDP growth by about one per cent in the September quarter. While the economic cost of the lockdown to the Victorian economy is uncertain, estimates range from $1bn to $2.3bn per week. IFM Investors’ chief economist Alex Joiner says the federal government will have to take the new lockdown into account when finalising its forecasts for the economic statement to be released on 23 July. Victoria accounts for about 25 per cent of the national economy.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, IFM INVESTORS PTY LTD, AUSTRALIA. DEPT OF THE TREASURY

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