MELBOURNE - The coronavirus lockdown in Australia's Victoria state caused an immediate slump in consumer spending and a surge in job losses this month, prompting the federal government to call for the leader of the second-most populous state to announce a plan to reopen the economy.
The state imposed severe restrictions on Aug 2 as the pace of Covid-19 infections climbed, with the latest wave peaking Aug 4 at 687 new cases. "We now need the Victorian government to provide more detailed answers and a more detailed road map" out of the lockdown, Mr Frydenberg said on Monday in a radio interview."Outside of Victoria, jobs have come back and the virus has been controlled."
The Reserve Bank of Australia said this month it expects the economy's recovery to be slower due to the"major impact" of the lockdown in Victoria.
Source: Financial Digest (financialdigest.net)
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