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Victoria’s lockdown inflames ‘catastrophic’ recession – Yahoo Finance Australia
The strict new lockdowns in Victoria will make Australia’s recession sting for “years to come,” experts have said.
The second wave of coronavirus cases in Victoria will see Australias economic recovery set back by at least the end of the year, experts have said.
According to AMP Capital chief economist Shane Oliver, the severe lockdown in Victoria will see Australias recession likely run for three consecutive quarters.
We estimate roughly a $12 billion hit from the lockdowns in Victoria up from the $5 billion hit that would have come from just the level 3 lockdown for Melbourne. This will knock around 2.5 …
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