Business
Victorian economy could lose four years of growth due to virus lockdown – The Age
The Victorian economy is facing the biggest single year hit of any state or territory on record due to the coronavirus recession.
Both the ANZ and NAB believe the recession is being most felt in Victoria.
ANZ believes the nation’s second largest state economy will contract by 5 per cent, or by more than $22 billion, this year after a flat 2019-20. The NAB is more bearish, tipping a 9.2 per cent contraction this year which would equate to a $41 billion hit.
Such a large fall in activity would result in the Victorian economy retreating to where it was in early 2016.
The largest annual contraction by a state or territory e…
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