‘A pothole for the economy’: Lockdown saps Sydney’s confidence

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The results are in keeping with other indicators that consumer spending in Greater Sydney has fallen sharply since the lockdown was imposed. New ANZ credit and debit card figures show non-food retail purchases in the city were 30 per cent lower last weekend than the weekend of May 21-23.

Commonwealth Bank head of Australian economics Gareth Aird estimates a seven-week shutdown for Sydney would subtract a hefty 1.4 per cent from gross domestic product in the three months to September 30. Mr Richardson warned there was a growing risk the economy would go backwards in the September quarter but a “bounce back” is likely once restrictions are lifted.

and yet property keeps going up?

We don't need a news article to tell us this. Our rumbling stomachs, from one meal a day, and our cold bodies from lack of affordable heating etc etc Tell us the truth of the aussie economy, regardless of JoshFrydenberg stupid grin. I am sure HE has a lot to smile about.

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Economic ‘pothole’: Banks, economists warn Sydney lockdown will hit GDP, employmentAnalysts are warning the Sydney lockdown will shrink the national economy and could leave thousands more unemployed, with some predicting the restrictions will be extended further. covid19 lockdown economy MorrisonLockdown MorrisonOutbreak MorrisonSh1tShow MorrisonFailure Take your pick, the buck stops with him and his appalling cabinet. Not failing to mention the Murdochification of politics that brought us here. TheMoneyOrYourLife Also, the sky is blue. ScottMorrisonMP JoshFrydenberg
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