A hard lockdown in Australia's second-largest city will likely erase nearly A$5 billion of economic output over six weeks, slowing a broader national recovery and forcing the government to expand its already massive debt-funded stimulus.
SYDNEY - A hard lockdown in Australia’s second-largest city will likely erase nearly A$5 billion of economic output over six weeks, slowing a broader national recovery and forcing the government to expand its already massive debt-funded stimulus.
“Our initial sense is that the re-opening reversal stemming from the lockdown will see the economy surrender some - but not all - of the better than expected trajectory,” Deutsche Bank economist Phil Odanaghoe wrote in a note. In 2019, the air passenger route between the state capitals of Sydney and Melbourne was the second-busiest in the world, according to industry analytics group OAG.
To be sure, other states and territories are sticking to their planned re-openings, with Queensland, South Australia, Tasmania and the Northern Territory set to re-open their borders this month to each other and to New South Wales, the country’s largest state economy.Still, the Melbourne lockdown means Prime Minister Scott Morrison’s conservative government could face a larger stimulus bill.
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