Virus panic strips shop shelves bare

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Panic buying is gripping the nation as shoppers stock up on staples like toilet paper, tissues, rice, flour, canned goods, bottled water, and hand sanitiser.

Photos floating around the web illustrate the situation. Below is a sample.

Here’s shoppers at Costco and Woolworths stocking up on toilet paper:

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Here’s photos of empty supermarket shelves:

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Meanwhile, Prime Minister Scott Morrison has urged consumers to avoid panic buying and has raised supply-chain issues with supermarket giants Coles and Woolworths:

Scott Morrison has told Australians to adopt a “common sense approach” to coronavirus panic buying after US warehouse retailer Costco sold out of toilet paper in two of its big-box stores and shoppers stripped shelves of staples including rice and flour.

The Prime Minister spoke with supermarket giants Coles and Woolworths on Tuesday about their coronavirus ­responses…

Mr Morrison confirmed Kimberly-Clark, which produces toilet paper, has increased manufacturing in South Australia in response to demand.

A spokesman for Woolworths confirmed the nation’s biggest retailer had briefed the Prime Minister on its efforts to respond to higher than usual demand for long-life pantry items and household staples…

Woolworths has moved to limit sales of toilet paper after panic buyers emptied shelves in recent days around Australia…

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Things will get interesting if the virus becomes a full blown pandemic in Australia.

About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.