A jogger runs past the Sydney Opera House at Circular Quay. - AAP
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The risk of a protracted virus lockdown in the nation s biggest city will have a major impact on the broader Australian economy, cooling the rapid recovery from last year s recession.
Scott Morrison says the federal government is on the cusp of agreeing additional financial support measures with its NSW state counterparts.
The prime minister and Treasurer Josh Frydenberg have been in close contact with the NSW premier and treasurer as developments worsen in the Greater Sydney area, and where 112 cases were reported on Monday. We are expecting some final proposals to come up later this evening when further talks are held, Mr Morrison told Sky News.
Switzer Daily
1. Bad news for CBD businesses
Struggling
CBD businesses missing office workers who were their main customers will have
to wait years for a return to normal. Brisbane and Perth CBDs will see their
employment numbers of 2019 back within two years because of their tough border
policies. But Sydney and Melbourne will have to wait four long years for
business normalcy, and Adelaide five years! These are the calculations of
Deloitte Access Economics, which will be bad news for any CBD businesses currently
hanging by a thread.
2. ScoMo & Josh talk $$$ to Gladys
The
Morrison Government could have a federal rescue plan on the way for this
Australian State Economy to Return to Pre-Pandemic Levels by 2024: Report
A new report commissioned by the City of Melbourne shows Melbourne’s CBD economy will take four years to return to pre-pandemic levels.
But the analysis (pdf) by Deloitte Access Economics completed in May 2021, did not account for Melbourne’s fourth lockdown in June 2021 or subsequent lockdowns across the country.
This comes amid economic forecasts that Sydney’s lockdown will have a greater impact on the national economy than Melbourne as Sydney enters its third week of lockdown.
The Deloitte report found that Victoria has so far been hardest hit by the pandemic among all Australian states and territories with the CBD’s Gross Regional Product (GRP) alone decreasing by 53 percent from $74 billion to $35.4 billion in 2020.
Switzer Daily
Delta 101: Mask up, lock up, jab up!
12 July 2021
It looks like shades of that
old Little River Band song, “hang on, help is on its way…” with the PM and
Treasurer Josh Frydenberg set to offer billions to offset the economic slug
from this lockdown.
And it could easily draw the
ire of Victorians if the NSW package is far more helpful than the ones received
in the past down south. Ultimately, that will be an issue once the details of
the assistance are thrashed out and announced, possibly as early as today.
This comes as the likelihood of
Scott Morrison says the federal government is on the cusp of agreeing additional financial support measures with its NSW state counterparts.
The prime minister and Treasurer Josh Frydenberg have been in close contact with the NSW premier and treasurer as developments worsen in the Greater Sydney area, and where 112 cases were reported on Monday. We are expecting some final proposals to come up later this evening when further talks are held, Mr Morrison told Sky News. I think we are getting pretty close.
The prime minister and Treasurer Josh Frydenberg have been in close contact with the NSW premier Gladys Berejiklian (pictured) and treasurer as developments worsen in the Greater Sydney area