Maintaining the coronavirus shutdown is costing the economy $4 billion a week, according to new Treasury analysis that will be considered by the nation's leaders as they meet to decide which restrictions to lift.Treasurer Josh Frydenberg will give details of a new report into the economy when addressing the National Press Club
The analysis will be considered by the National Cabinet when discussing the possible lifting of restrictionsTreasury estimates the mass closure of businesses and activities, designed to stop the spread of the virus, will see Gross Domestic Product plunge by 10 per cent in the June quarter — the equivalent of $50 billion being wiped from the economy.
In a speech to be delivered to the National Press Club on Tuesday, Treasurer Josh Frydenberg will say he is "reassured" by National Cabinet's decision to bring forward its consideration of which COVID-19 restrictions to lift, and when"For every extra week the current restrictions remain in place, Treasury estimates that we will see close to a $4 billion reduction in economic activity from a combination of reduced workforce participation, productivity, and consumption," he is expected to say.
Treasury has predicted unemployment will double to 10 per cent in the June quarter — its highest rate in 26 years — meaning an estimated 700,000 Australians are expected to join the jobless as a result of this crisis.
Maybe build a few less Submarines and all will be gold again. By my calculation, you could close down the economy for a long time if you don’t build this subs. auspol
I think you find it’s costing $1b + per day when you add in jobkeeper and jobseeker
What alarmist BS!! We could be celebrating this period, as a great time of education and research. But the Coalition’s inability to manage a inclusive and dynamic society. Has left us with a police state, with high unemployment!
ScottMorrisonMP time to open up for buisness
This is an alarmist govt bullshit number. Part of a plan to force their political agenda on a subservient and compliant public. All to ensure an obedient electorate. Have mismanaged everything they have done economically and now this. Crazy people.
Ease the restriction slowly and partially...
If you actually done your job as opposed to running government as your own personal business venture
Government can stop funding ABC as they're the primary cause of sustaining this fake plan-demic by relentless fear mongering and spreading propaganda. Cease the lockdown ASAP. Resume normality in societies. Discontinue rubbish 'social distancing' nonsense.