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Melbourne lockdown could ruin September economic bounce – Sydney Morning Herald
Economists have downgraded forecasts for GDP and jobs after the stage four shutdown of Melbourne.
He said the Victorian economy itself would now likely contract by 9 per cent in the September quarter, offsetting 2 per cent growth in NSW and a combined 3 per cent lift across Queensland, South Australia, Tasmania and the Northern Territory.
Even though there will be a sharp reduction in federal government support for the economy in the final quarter of the year, there should be an improvement as long as there were no more pandemic-related shutdowns.
“We expect that despite the fiscal cliff i…
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