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Australia Coronavirus impact on Victorian economy to be 140 times worse than bushfires, Treasury expects

03:32  15 may  2020
03:32  15 may  2020 Source:   abc.net.au

Coronavirus: calls for the lifting of containment are increasing in South Africa

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The economic impact of the global coronavirus outbreak could be worse for Australia than the recent bushfire crisis and droughts. Impact of coronavirus on Australian economy to be worse than the bushfires | ABC News - Продолжительность: 3:28 ABC News (Australia) 20 427 просмотров.

The coronavirus outbreak, which was first detected in China, has infected people in 185 countries. Here is a selection of maps and charts to help you understand the economic impact of the virus so far. That should, in theory, make borrowing cheaper and encourage spending to boost the economy .

a man wearing a suit and tie: Victorian Treasurer Tim Pallas said the State Government would not be aiming for a surplus. (ABC News) © Provided by ABC Business Victorian Treasurer Tim Pallas said the State Government would not be aiming for a surplus. (ABC News) Victoria is expecting the economic damage of the coronavirus pandemic to be about 140 times worse than the impact of the bushfires on the state's bottom line.

Treasurer Tim Pallas said January's devastating fires were expected to impact about 0.1 per cent of Gross State Product, but advice from Treasury was the unfolding coronavirus crisis would shrink the economy by about 14 per cent.

Rather than the surplus which was forecast in last year's budget, the state's deficit for the first three-quarters of the financial year is is $773 million.

Around 1.6 million Aussies are expected to withdraw part of their super from Monday, as the government begins accepting applications

  Around 1.6 million Aussies are expected to withdraw part of their super from Monday, as the government begins accepting applications Australians affected by the economic downturn will be able to apply to access their superannuation from Monday. 1.6 million are expected to do so, with the government promising to streamline the application process to five days. However, critics of the policy say more could be done to help these people who have "slipped between the cracks" of other support packages.With applications opening on Monday, Treasury expects more than a million Australians to try and withdraw part of their superannuation.

Meanwhile, fears of the coronavirus impact on the global economy have rocked markets worldwide, with stock prices and bond yields plunging. Concerns over the global spread of the new coronavirus has also driven investors to bid up bond prices, resulting in yields in major economies to inch lower.

The economic impact is slowly filtering through the real economy . Priya Misra, a rates strategist, spends a lot of time thinking about the path of economic It seems to be more lethal than the flu, but the numbers are still uncertain. And it hits the elderly and those with underlying conditions — not just

Mr Pallas said the nine months to March had been affected by the bushfires, which saw a $500 million hit to the economy.

"This is not the time for any government to be chasing surpluses," Mr Pallas said.

It comes after it was confirmed more than 594,000 people across Australia lost their jobs in April, with more than 127,000 of those in Victoria.

The state's jobless rate rose from 5.2 per cent in March to 6 per cent in April.

Mr Pallas said the figures were "nothing short of devastating" and said "hidden" in the figures were people who had given up entirely on looking for work in the current labour market.

Victoria has been one of the states hardest hit by the pandemic due to its heavy reliance on tourism and higher education, two sectors struggling without international tourists and students.

It is also the state moving most slowly in the easing of restrictions, with hospitality businesses remaining closed to dine-in guests until at least June.

More to come.

How a confusing JobKeeper form made the coronavirus job crisis look worse than it actually is .
What's the difference between one person and 1,500? Hundreds of businesses massively overstate how many employees they have on the books, thanks in part to a question the Government admits "could have been clearer".After touting the impact of the $130 billion JobKeeper package — supposedly keeping about 6.5 million Australians connected to their employers while providing them with liveable pay — the Federal Government has acknowledged its figures were massively overstated.

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