Avalon outbreak inflicted $3.2bn hit

Original article by Patrick Commins
The Australian – Page: Online : 4-Jan-21

The lockdown of Sydney’s northern beaches because of a COVID-19 outbreak is expected to have resulted in 34 million fewer hours being worked in December, according to modelling by KPMG. KPMG estimates this reduction in working hours would have inflicted a $3.2 billion hit to the economy, and would have reduced Treasury’s forecast that the Australian economy would grow by 3.2 per cent over the three months to December by 0.7 per cent. The Tourism and Transport Forum has separately predicted that Australians would spend $2.6 billion between Christmas Eve and 11 January, compared to an annual average of $5.5 billion in previous years, with the TTF representing large Australian hotel and travel businesses

CORPORATES
KPMG AUSTRALIA PTY LTD, AUSTRALIA. DEPT OF THE TREASURY, TTF AUSTRALIA LIMITED TOURISM AND TRANSPORT FORUM

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