'Bad news on bad news': Virus could land $2.3b hit to the economy

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The coronavirus outbreak could hit key parts of the Australian economy just as it deals with fallout from the bushfires and drought.

one of its students had the coronavirus after she arrived from Wuhan.

PwC chief economist Jeremy Thorpe says the coronavirus outbreak, on top of a soft economy, drought and bushfires is just more bad news on bad news.The university sector would also face issues if students, due for the start of semester at many institutions next month, were unable to return for their studies.

Economists expect the impact of the bushfires to show up in the March- and June-quarter national accounts. Already some retailers have reported sharp falls in sales through the pivotal Christmas-Boxing Day period. Victorian Premier Daniel Andrews said the virus would "no doubt" have an economic impact although he expected it to be small.

But he did think it could weigh on consumer confidence, potentially compounding uncertainty across the country after months of bushfires. Oxford Economics senior economist Tommy Wu said the coronavirus could potentially be a "high impact, short-lived event" similar to the 2003 SARS outbreak.

 

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Ohhhhh Australia has copped it 2020! OMG!!!

A supremely bad take yet again. Death is far worse than financial impact. Why has such trouble writing empathetic headlines these days?!

swrighteconomy JennieDuke PeterDutton_MP DavidColemanMP Again $$$ mindset. We want to know how to protect ourselves. coronavirusaustralia Bill Gates warned in 2018 that new disease could kill 30M people in 6 months

In 3 weeks time no one will even remember the name of Bill Gate's latest virus. Except you and Bill, of course.

Not all bad news. Greedy universities getting punished for being over reliant on china cash? Some would even call it good news. And we get to see the RBA squirm around trying to prop up an economy with little ammo left. It’s all coming together.

Not all bad news. Among others we get to see the RBA squirm around trying to prop up an economy with little ammo left. You want to keep pretending you’re in control?

Chinese Coronavirus (2019-nCoV) OutBreak : What to Know & What to Do

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Coronavirus 'can spread before symptoms show''It means the infection is much more contagious than we originally thought,' said Dr Schaffner, an infectious disease specialist at Vanderbilt University Medical Center. 9News Stop flights from China and any other country if the coronarvirus is spreading in a strong leader would put the health of the nation before money auspol CoronaOutbreak LesStonehouse We'll never say no to China our government is to worried about upsetting the apple cart and damaging our trade with China...better to let a few Aussies die than say no to China right! Thanks again for putting Australians first before foreign countries! Best government ever!👍
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