For every week of NSW’s current lockdown, $1 billion will be lost from Australia’s economy, a leading economist has warned.
If Greater Sydney’s lockdown ends this week, although that is looking increasingly unlikely, then the economy will take a $5 billion hit.
However, for every week after that, NSW will lose another billion dollars.
So $5 billion is really a best case scenario.
“We’ve got last year’s lockdown to work on, we’ve got the Victorian lockdown to work on as a rough guide for Sydney,” Shane Oliver, head of investment strategy at AMP Capital, told news.com.au.