With Victoria accounting for around one quarter of the nation’s economy and Melbourne making up 20% of the nation’s population, Commonwealth Bank head of Australian economics, Gareth Aird, says the six-week lockdown in Melbourne is likely to reduce Australia’s GDP growth by about 1% in the September quarter.
While the economic cost of the lockdown to the Victorian economy is uncertain, estimates range from $1 billion to $2.3 billion per week:
Gareth Aird said if Victoria’s gross state product was 10 per cent lower because of the shutdown, Australia’s gross domestic product would be 2.25 per cent lower over that period.
