For years MB has warned that Victoria (Melbourne) is a ponzi-based economy, dangerously reliant on mass immigration and construction to drive growth, often at the expense of individual incomes and living standards.
Now those chickens have come home to roost with SGS Economics and Planning warning that Victoria’s economy is facing collapse as its long population and construction booms come to an abrupt end. As usual, SGS’ and the development industry’s solution is to reflate the ponzi by ramping up immigration once the virus has passed:
SGS Economics and Planning have forecast that the coronavirus pandemic will shrink the Victorian economy by up to 10 per cent in 2020, the biggest contraction since the Depression and, before that, the first year of World War 1.
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