Australia is losing $4 billion every week the current coronavirus restrictions stay in place

5/05/2020 1:07:00 AM

Josh Frydenberg says it's vital people get back to work as the current levels of coronavirus-related restrictions wipe $4 billion a week from the economy.

Josh Frydenberg says it's vital people get back to work as the current levels of coronavirus-related restrictions wipe $4 billion a week from the economy.

Josh Frydenberg says it's vital people get back to work as the current levels of coronavirus-related restrictions wipe $4 billion a week from the economy.

Share on Facebook Share on Twitter Australia's economy will take a $50 billion hit in the June quarter but things could get a lot worse if restrictions to deal with the coronavirus stay in place.Larger text size Very large text size The restrictions aimed at stopping the spread of coronavirus are costing Australia $4 billion a week, with Treasurer Josh Frydenberg revealing the economy is likely to shrink by 10 per cent in the June quarter.Maintaining the coronavirus shutdown is costing the economy $4 billion a week, according to new Treasury analysis that will be considered by the nation's leaders as they meet to decide which restrictions to lift.Coronavirus live updates: Trump says it's fine if Australia wins vaccine race; treasury says restrictions wiping $4b a week off economy; Ruby Princess inquiry to hear from new witnesses "Significant sectors of our economy like agriculture, mining and construction have been able to adapt to the new health restrictions and in most cases continue to operate," he will tell the National Press Club, according to extracts of his speech.

As the nation's leaders start planning baby steps towards normality, its bean counters have calculated the economic cost of the health measures.Treasury has estimated Australia's economy will shrink by between 10 and 12 per cent by June, equivalent to $50 billion.Treasurer Josh Frydenberg will reveal the current social distancing restrictions deliver a $4 billion hit to the economy every week.A harsher lockdown, akin to the eight-week closures seen across Europe, could wipe $120 billion from GDP."For every extra week the current restrictions remain in place, Treasury estimates that we will see close to a $4 billion reduction in economic activity from a combination of reduced workforce participation, productivity, and consumption," he is expected to say.Prime Minister Scott Morrison has said Australians have earned themselves an early mark for their work in flattening the curve of infections.This will include a presentation on "COVID Safe Workplaces" to get Australians back into the office and the economy moving again.Every extra week the current restrictions stay in place costs the economy another $4 billion, Treasurer Josh Frydenberg will reveal in a speech on Tuesday.The number of jobs advertised more than halved in April, a record monthly drop.

But Australia is fortunate in not having had to resort to a full lockdown.Advertisement The cost is the equivalent of what 4 million people on the median wage earn in a week."Significant sectors of our economy like agriculture, mining and construction have been able to adapt to the new health restrictions and in most cases continue to operate," he will tell the National Press Club, according to extracts of his speech.READ MORE Nevertheless, he sees it as vital to get people back into jobs quickly.The June quarter is expected to show the economy contracting by a record 10 per cent or about $50 billion with many of the worst-hit sectors, such as retail and hospitality, also some of the nation's biggest employers.History shows unemployment takes a lot longer to go down than it does to spike.In the current crisis, Treasury expects the jobless rate to double to 10 per cent by June."In the early 1990s, unemployment increased by 5 per cent over three years, but took seven years to get back to its pre-crisis level."Unleashing the power of dynamic, innovative, and open markets must be central to the recovery, with the private sector leading job creation, not government," he will say.

It says the situation would be a lot worse but for the government's JobKeeper wage subsidy.READ MORE What support can you access if you have lost your job due to coronavirus? The number of jobs advertised more than halved in April, a record monthly drop."In the current coronavirus, it is expected the unemployment rate will go up by around 5 per cent in three months, let alone three years."Notwithstanding Australia's success to date on the health front, and the unprecedented scale and scope of our economic response, our economic indicators are going to get considerably worse in the period ahead before they get better," Mr Frydenberg will say.But still, he believes there is cause for optimism about the future.The heads of Treasury and the Reserve Bank have told leaders policies to promote economic growth after the health crisis passes must not be business as usual.

But Mr Frydenberg will point to the coalition's intention to hold fast to its guiding values and principles."Unleashing the power of dynamic, innovative, and open markets must be central to the recovery, with the private sector leading job creation, not government," he will say.READ MORE Government releases proposed laws to underpin privacy protections for COVIDSafe app Australian National University tax expert Robert Breunig wants the government to hold a national summit examining taxation reform that would kickstart the economy while reducing the mountain of debt piled up in responding to the coronavirus.The Reserve Bank board will meet shortly after the Treasurer's speech but is expected to keep rates on hold at their record low 0.25 per cent.

People in Australia must stay at least 1.5 metres away from others.Check your state’s restrictions on gathering limits.Testing for coronavirus is now widely available across Australia.If you are experiencing cold or flu symptoms, arrange a test by calling your doctor or contact the Coronavirus Health Information Hotline on 1800 020 080.

The federal government's coronavirus tracing app COVIDSafe is available for download from your phone's app store.SBS is committed to informing Australia’s diverse communities about the latest COVID-19 developments.News and information is available in 63 languages at.

Read more:
SBS News »
Loading news...
Failed to load news.

At least it’s not 3000 lives. And the far right answer is to sacrifice human life This is where Insanity takes over... If you were on the Titanic and could see the water rushing in. What are you going to do, Quibble about the cost to fix the hole... Or SINK the Titanic... Come On... Start Thinking... ENOUGH ALREADY!!! LETS GET BACK TO OUR LIVES!!!

PeterPyke Off whose economy JoshFrydenberg? I think it might be some of the big ticket companies and personalities who play the marching orders for the LNPCrimeFamily Clearly, they are willing to sacrifice human lives to save the corporate profits. This is Satanism And from the bloke whos family fled the nazis to escape persicution and now this is his treatment of hard working Australians auspol Bullshitboy CrimeMinister ScottyfromMarketing covid19 BinBoyMuller Pell GoldfingerPell RubyDutton Watergate Grassgate

Only plan is a APP and putting our child in class room withn no social distance Well, you made the decisions to lock us all down. Now prove you have the intelligence to know what is the right path for re-booting the economy. (hint: Keynesian economics 101). agreed Liberal Treasurer putting Australia through a recession. Oh but yep they are better economic managers hahaha yeah right!

Restrictions costing the country $4 billion a week: FrydenbergThe Treasurer will outline the economic damage caused by measures to bring the coronavirus pandemic to a halt, and reveal 'the cliff we were standing on'. swrighteconomy $41 million for each death, per week. Average age of deaths in Australia 80yo. swrighteconomy 'This means… that Dr. Fauci has known for 15 years that chloroquine and it’s even milder derivative HCQ will not only treat a current case of CV (“therapeutic”) but prevent future cases (“prophylactic”). So HCQ functions as both a cure and a vaccine.' swrighteconomy And that's the plan. ThisIsNoAccident ControlledEconomicDemolition GovernmentIsTheVirus CentralBanksAreTheVirus

Tell Lord Howe Frydenberg the jobs have vanished. Talk about useless Tell me where these jobs are. I’m studying now instead. Had a job interview last week when they found out I was a single mum they said I wouldn’t fit because of the uncertainty. How much will a heap of dead Australians cost? When is Joshy going back to work?

Theres no reason on the world why they shut parliment other than to destroy democracy It's all about ScottyFromMarketing I started working in a new job 3 weeks ago. It can be done, dont rely on jobkeeper or seeker payments people, they won't replace a wage, nor will they be readily available in coming months.

Well, then I'm sure he's lining up at Parliament house to start sitting again! For the LNP, money is more important than the lives of a few thousand people. What if we told him that public health economy? Time for a rehash on our flawed economic system?

Coronavirus shutdown costing Australian economy $4 billion a week as National Cabinet prepares to assess restrictions - ABC NewsTreasurer Josh Frydenberg will tell the National Press Club he is 'reassured' that a discussion about lifting coronavirus restrictions has been brought forward as new analysis says the Australian economy is losing $4 billion a week amid the shutdown. Government can stop funding ABC as they're the primary cause of sustaining this fake plan-demic by relentless fear mongering and spreading propaganda. Cease the lockdown ASAP. Resume normality in societies. Discontinue rubbish 'social distancing' nonsense. If you actually done your job as opposed to running government as your own personal business venture Ease the restriction slowly and partially...

Hey JoshFrydenberg, how about you go first? Trying to get people to go back to work while parliament isn't returning is hypocritical! So we have had right restrictions, but this virus is less deadly than the flu, right? CSIRO I am hammering the brakes on lifting restrictions by day, but is this too tight with this knowledge?

At what cost to lives JoshFrydenberg? Have you got a $ figure for that too? So we are a 1000 B$ economy, and they are worried about a cost of 16 B$ to stay in lockdown another month or so in order to make sure of covid suppression? But they weren’t worried about a similar size reduction in economic growth rate already occurring under their policies?

So they're reopening Parliament and doing the job they are a paid a fortune to do then are they? I think it's vital people don't get sick and die first and foremost. So what ... you should have closed earlier ... it’s your fault ... own it ... because in his mind, GDP = Gross Domestic People When’s parliament back?

HEY JOSH DON'T FORGET, ,YOU PRICK WAS STILL BEING PAID OUT OF THE TAXPAYERS PURSE

Australian economy could take $50 billion hitAustralia&x27;s economy will take a $50 billion hit in the June quarter but things could get a lot worse if restrictions to deal with the coronavirus stay in place. Wel yeah and it will get a whole lot worse if pm isn’t smart in his dealings .....oh bugger

Hmmmm... JoshFrydenberg ... great guy and spoke with him today. He is that tight he got double glazing so the kids could not hear the ice cream van go by. Where are the jobs JoshFrydenberg ? AusGov: DOWNLOAD THE APP IT'LL KEEP YOU SAFE Australia: What about all those restrictions that have kept us safe the last 5 weeks? AusGov: DOWNLOAD THE APP IT'LL KEEP YOU SAFE

Then open Parliament. So tired of the hypocrisy. JoshFrydenberg Show us the way. Lead us. Get back to work yourselves you lazy/cowardly fundaments. Hypocrite JoshFrydenberg After you Josh! How about the Rabid Rabbi get back to parliament and do some work, wanker. the solutions were worse than the virus

And who's fault is that? Blanket closure of everything when some things didn't need to be closed.

Push for Aussies to return to the officeAustralians will be urged to get back to work at the office as the Morrison Government reveals current restrictions are delivering a $4 billion hit to the economy every week., reports samanthamaiden samanthamaiden Get back to work. samanthamaiden Isn’t this the perfect opportunity to re think our economic system? COVID19 backtowork samanthamaiden Go back to work and wait for the 2nd wave 🌊 Australia ! 😂😂

J Fry is worried about the economy! How about keeping the self distancing until the 1st of January 2021 ! By then we will have no COVID 19 ! Very relaxed people who worked all their lives like slaves and couldn’t move forward cause of the expensive life we had to endure He says this as Parliament is still in recess?

so why isn't he? No thx, I’m good. No people = no economy 🤦‍♀️ Who gives a shit? People will die if they go back to work. Listen to the professionals ffs. Furthermore, maybe next time we have a pandemic we will have the proper supplies and an official response unit that the liberals fucked off. Profits be damned to the depths of hell.

Lockdown is having a huge emotional and psychological impact as well as financial Yeah yeah Josh it's all about the lost denero ever heard of a society Josh I agree this sucks. Enormously. But it would suck more if more people died.... So we are their bread & butter?

Restrictions costing the country $4 billion a week: FrydenbergThe Treasurer will outline the economic damage caused by measures to bring the coronavirus pandemic to a halt, and reveal 'the cliff we were standing on'. swrighteconomy $41 million for each death, per week. Average age of deaths in Australia 80yo. swrighteconomy 'This means… that Dr. Fauci has known for 15 years that chloroquine and it’s even milder derivative HCQ will not only treat a current case of CV (“therapeutic”) but prevent future cases (“prophylactic”). So HCQ functions as both a cure and a vaccine.' swrighteconomy And that's the plan. ThisIsNoAccident ControlledEconomicDemolition GovernmentIsTheVirus CentralBanksAreTheVirus

What's more important Joshua Frydenberg , Finance or the Health of the Australian people? Too bad, should have thought about that, now you have your welfare state, you best be paying out fools. Well JoshFrydenberg, if your LNP leader has opted for a hard lock down and better border contril like Prime Minister Jacinda Adearn, then maybe this whole situation wouldn't have dragged on this long and costing this much.

It seems this is compared to pre covid modelling. There is no pre covid world to return to. What does the economic modelling of reopening and having a sweden style death rate and restricted business practises look like? We should get back to work when it is SAFE to do so, in a cautious, managed way. Thankfully that seems to be what's happening. Fingers crossed we don't stuff up the good work we've all done so far.

I won't have a job thanks to ScottMorrisonMP and JoshFrydenberg in a few weeks. Ask them about Universities and their decision no to support them to keep casual staff? It really didn't take long to get back to the 'money over lives' angle, did it? Case numbers drop and 'it's back to business'. There will be a virus resurgence which WILL cost many lives, and a longer and more costly lockdown looms. Blinkered thinking.

capitalist death cult what are the thousands of unemployed losing with no support unless working for 12 months with an employer. Back to work won't fix it. There will not be enough employers. The ' Lucky Country' does not include these people.... JoshFrydenberg ScottMorrisonMP Remind we the voters, the working people, why you aren’t back in our Parliament? Joshie ScottyFromMarketing

Coronavirus shutdown costing Australian economy $4 billion a week as National Cabinet prepares to assess restrictions - ABC NewsTreasurer Josh Frydenberg will tell the National Press Club he is 'reassured' that a discussion about lifting coronavirus restrictions has been brought forward as new analysis says the Australian economy is losing $4 billion a week amid the shutdown. Government can stop funding ABC as they're the primary cause of sustaining this fake plan-demic by relentless fear mongering and spreading propaganda. Cease the lockdown ASAP. Resume normality in societies. Discontinue rubbish 'social distancing' nonsense. If you actually done your job as opposed to running government as your own personal business venture Ease the restriction slowly and partially...

Speaking the bloody obvious. The hip pockets of his donors are hurtz If we keep up the distancing until June 1st, we should be able to get back to work. However we are coming into winter now & we know what that means. We have a month. The northern hemisphere nations may be lucky heading into summer. Although virus can spread in summer too😷🤧

I’m betting money people won’t see the Jobkeeper/Jobseeker $$$ Is it herd immunity after all Joshie? Start we parliment GCobber99 That'd be fine except JoshFrydenberg you and your LNPCrimeFamily had already destroyed our economy BEFORE the Covid shutdown. No-one is our media seems to remember this? Ditch franking credits and tax the rich.

Scrap fcredits n ngearing. hope victorian premier and his chief medical officer understand it too!

So JoshFrydenberg ..why isn't parliament sitting for a start. And usual rhetoric from the LNP..didn't take long did it. Go back to work you 'leaners'... To clear up any confusion, here's clarification of what we need people to do: Wow, I did not think it was costing that much. Now I understand why some want to go back to work now. I am on jobseeker & financial comfortable & was happy to stay on it, obviously I am kidding myself.

So why doesn’t the government get back to work to be an example He should set the example then by getting back to parliament Still got enough in the kitty to pay $16M a day in franking credits though. LNP Inc priorities. How about we make health our priority? We want to go back, but we are scared and don’t want to get sick

Everyone wants to get back to where we were, it just needs to be safe to do so, doesn’t it? Sort that out, and the rest will follow pretty quickly If we'd had a proper lockdown we'd be covid free and all back to work. Gutless .

Start with parliament. So what is it then go to work or stay home? Well let ‘em get back to work. And stop stressing about schools. Which at this moment add nil to the economy A economy based on the workers paying the tax while corporate donors of the government get a free ride. A economy of services of aussies on casual low wages selling crap made in China headed straight to landfills. There should be a landfill tax to cover all the shit imported .

Well let us then. Typical LNP. Money before lives. Practice what you Preach and reopen Parliament. If it's unsafe for MP'S why is it Safe for the rest of Australian workers You're blowing $2billion/day on manus security contracts.. add up BS health services to refugees, catering, rentals, etc.. auspol leaks tax payers money through untendered, shady as shit process and you blame Ozzie's for holding back the economy .. for the flu? No fucken shame

But we commit to another 11 billion because we don't like China sailing around the Pacific