New treasury figures show just how much the coronavirus is costing the Australian economy, while lockdown restrictions remain in place.
It’s understood around $4 billion is wiped weekly, and will continue that way until we can return to normal.
Treasury is also predicting the economy will shrink by 10 percent in the three months to June, as a direct result of Covid-19.
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That’s the equivalent of a 50-billion-dollar fall in activity.
Reduced workforce participation, production and consumption, are all contributing to the hit.
Federal Treasurer Josh Frydenberg is expected to deliver a speech on the matter today.