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Melbourne lockdown could cause coronavirus recession to last all year, economists warn – ABC News
The new stage four Melbourne lockdown will heap further economic pain on Australia, making the nation’s past two recessions “look like child’s play”, according to a veteran bank chief economist who worked through both.
Melbourne-based NAB chief economist Alan Oster has been in the profession for more than 40 years and he’s seen a fair few economic crises in his time, but nothing compares to this.
Key points:
- NAB warns there is a 50-50 chance the recession Australia is in will extend to the end of September. Others warn it may last all year
- Victoria is likely to see a further 10-15 per cent blow to its economy from the new, tougher lockdowns. The state accounts for nearly a quarter of Australi…
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