Australia's economy is losing Aus$4 billion (US$2.5 billion) every week its virus shutdown continues, while a million workers have already lost ...
While Australia's government has had success in battling the virus, it has not met all its conditions for lifting restrictions that have weighed on the economy. SYDNEY: Australia's economy is losing AUS$4 billion every week its virus shutdown continues, while a million workers have already lost their jobs in the crisis, according to figures announced Tuesday .
"For every extra week that the current restrictions remain in place, the Treasury estimates that close to $4 billion will be reduced in economic activity, from a combination of a reduced workforce participation, reduced productivity, and reduced consumption," he said in a speech in Canberra. A third of workers lost their jobs in the worst-affected hotel and hospitality industries, along with 27 per cent of people in the arts and recreation sectors.The Treasury has previously estimated the unemployment rate will double to 10 per cent by the middle of the year because of the coronavirus shutdowns, leaving about 1.4 million people out of work.
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