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Dire warning from economist as NSW economy loses $1 billion a week

By news.com.au , in Finance , at July 12, 2021 Tags: , ,


Finance

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.



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