Victoria’s economy slaughtered by COVID-19

Thursday 23 July 2020

The Victorian Government has released its mid-year economic update, which projects that the state’s unemployment rate will rise to 9% by the end of September. This compares with 7.5% in June and 5.3% in January. The modelling also shows that gross state product could fall by $21 billion in 2020:

Overview

The coronavirus (COVID-19) pandemic represents the biggest economic shock the world and Victoria have experienced since the Great Depression.

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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.