Australians will be urged to get back to work at the office as the Morrison Government reveals current restrictions are delivering a $4 billion hit to the economy every week., reports samanthamaiden
Confirming that the economy is on track to enter into the first recession since the 1990s, the Treasurer will reveal for the first time that the economy is now forecast to go backward in the June quarter.
Australian Prime Minister Scott Morrison speaks at a press conference at Parliament House in Canberra. Picture: Rohan ThomsonNew Zealand Prime Minister Jacinda Ardern was a guest at the National Cabinet to discuss potential travel between Australia and New Zealand. Picture: Hagen HopkinsIf Australia had introduced an Italian-style lockdown for two months, the adverse impact on GDP would double to 24 per cent, or $120 billion, in the June Quarter.
“Some of the hardest-hit sectors like retail and hospitality are among the biggest employers, accounting for more than two million employees between them.” “Despite the toilet paper boom and the record increase in retail trade in March due to panic buying, overall consumption, according to NAB data, has fallen 19.5 per cent since the start of the year, with declines across all jurisdictions. Victoria has had the steepest fall of 23 per cent followed by the ACT , WA , NSW , Queensland , South Australia , Northern Territory and Tasmania .
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