Graph shows Vic lockdown’s huge economic hit after just a few days

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New data released from has shown Victoria’s economy tanking last week. It could take an almost $860m weekly hit from the restrictions – that’s a more than $5bn slump over six weeks.

And the indications aren’t good. Not only did consumer spending in Victoria plummet in the run up to and during the beginning of the stage three restrictions, it looks like consumers elsewhere have also started closing their wallets fearful they will be next to go into lockdown.

“Coronavirus cases rising in Victoria has shown that this isn’t necessarily over and that’s put a dampener on overall consumer sentiment.” In the week to 10 July, spending on credit cards went down across the country. In Victoria it fell to levels below 2019. Picture: Commonwealth Bank.“It’s hard to spend if you can’t go to movies, you can’t take the kids to Luna Park or go to all those places you would normally go to,” said Ms Clifton.

Only shoppers in the Northern Territory bucked the trend, going from a 13 per cent to a 16 per cent rise within a week. CBA had predicted the Australian economy would contract by 3.2 per cent in 2020 due to COVID-19. But, with the new lockdown, it has said a 3.8 per cent slump is now more likely. Victoria accounts for around 23 per cent of Australia’s overall economy.As Sydney’s Golden Sheaf Hotel can attest to, pubs are popular again. Picture: Reddit.

 

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Swedens economy tanked without a lockdown.

All the fault of the government

Grist for the gullible from SharpieCorp

Huh? You make no sense whatsoever

Luckily Victoria was the economic powerhouse of Australia just before the pandemic & they can cope with it!

.BenedictBrook tanking economy has nothing to do with Dan Andrews.. pay attention to COVID, state partly reopened. Sick idiots went out and infected others.. now it's spreading to other states... selling your soul is not worth it.

thanksDan

If we end up like Trump's America, it'll be worse for the economy.

stop chasing ALP Premier.. people are infected and are dying,... concentrate. I know it's hard, but try.. Go after SCOMO!

How the hell did you get on my timeline? If I want fiction I’ll head to the library- Blocked! auspol

how bout returning the 800 million your political arm gave you from the public purse maybe then you might have something to add to our discourse

There are just so many lies and so much propaganda I will put up with! Blocked.

They made up for it in fines

Still Victoria bashing, are we?

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Source: SkyNewsAust - 🏆 7. / 78 Read more »

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'Kick a Vic' mentality gets short shrift from ex-premiersFour former Victorian Premiers from both sides of politics say a 'kick a Vic' mentality has reached damaging levels and frustrations should go towards the coronavirus, not Victoria. Is what it is,Victorians have long memories. Life swings in roundabouts. When we are coming out of lockdown and the rest of the country is in it going in, we will just🤷🏼‍♂️🤷🏼‍♂️🤷🏼‍♂️ The Mexican rebellion is in motion. I felt a bit sorry for Qld after the last election. Most of the invective came from the Vic progressive camp and it was pretty nasty. So much so that some had to step in to remind Aust about Qld's Labor past. We'll all be in a 2nd wave soon enough.
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'Kick a Vic' mentality gets short shrift from ex-premiersFour former Victorian Premiers from both sides of politics say a 'kick a Vic' mentality has reached damaging levels and frustrations should go towards the coronavirus, not Victoria. A bunch of whining old white men happy to torture and imprison brown pple, give me a break Ballieu - he was a disappointing Premier. Imagine being in Opposition for that long and after winning an election, just not really standing for anything. Perhaps they should speak to the current opposition Leader in Victoria and a couple of his dimwit members, along with Murdoch papers.
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'The time for warnings is over': Andrews threatens further lockdowns for Vic | Sky News AustraliaDaniel Andrews has threatened to enforce further restrictions if Victorians fail to observe the state's stay-at-home orders, saying 'the time for warnings' is over.\n\nThe Victorian Premier labelled the unfolding coronavirus situation as 'very, very serious' after he confirmed 238 new coronavirus cases of COVID-19 in the past 24 hours.\n\n'The time for warnings; the time for cutting people slack is over,' he said.\n\n'We haven't got these stay-at-home orders in place for any other reason than they are the best medical advice to try and bring some stability and a sense of control to this global pandemic.\n\n'If, however, people do not do the right thing, then we will have to move to additional restrictions and we will have to prolong the period where those restrictions are in place.'\n\nThe new cases brought the state's total active caseload to 1,803, with 105 currently in hospital.\n\nMr Andrews also revealed a woman in her 90s had died from the virus, bringing the state's death toll to 27. \n\n'No one wants a situation where because of the choices of a few, the majority of Victorians will have to endure restrictions longer than they should,' Mr Andrews said.\n\n'Victoria Police are out there with a very clear agenda and that is to make sure these stay-at-home orders work.'\n\nImage: News Corp Australia\n\n DanielAndrewsMP Forget politics, stuff-ups, conspiracy theories and assorted other social media bullshit. LISTEN and COOPERATE. The ONLY way this nightmare will end is if we all do the right thing. How about it everyone!! DanielAndrewsMP Lock yourself up DimwitDan. Gee, the BLM was a great idea. Funny how it spread. Call an early election and let’s get really serious before you totally destroy Victorian businesses and lives. DanielAndrewsMP Good. We need them
Source: SkyNewsAust - 🏆 7. / 78 Read more »