Treasurer: Stage four lockdowns to create ‘very significant’ impact on economy
Source: Herald Sun
Market Herald logo


Be the first with the news that moves the market
  • The Federal Treasurer has warned Victoria's new stage four lockdown restrictions are likely to significantly impact the economy
  • Josh Frydenberg warned the previously estimated hit of $3.3 billion to the September quarter is likely to rise
  • He also said Victoria was "at war" and every Melbournian had a role to play in adhering to the new lockdown restrictions
  • All of Melbourne has had a curfew implemented for the first time since WWII as the amount of COVID-19 cases rises sharply
  • Another 429 cases of the virus have been recorded in the state in the last 24 hours, while 671 cases were recorded yesterday

Melbourne's strict new lockdowns are likely to cost the wider Australian economy billions, according to the Federal Treasurer.

Josh Frydenberg today said he expects the impact of Victoria's lockdowns to be greater than the original estimate of $3.3 billion.

That's because the initial estimate by Treasury was based on the initial six-week lockdown cost, not the impact of a wider, longer-lasting lockdown.

Treasurer Frydenberg said, unfortunately, Victoria makes up almost a quarter of Australia's economy, so the impact of these new restrictions are likely to "very significant."

"This is a real kick in the guts to Victorian businesses, which will have an impact on employment," he said in an interview with ABC.

The Treasurer also said he was very concerned for Melbourne residents, with new curfews stopping them from being outside after 8:00 pm.

The restrictions are some of the strictest introduced since WWII, and Josh Frydenberg said the similarities were obvious.

"We are at war. Every Victorian is on the front line. Everyone has a role to play."

Federal Treasurer, Josh Frydenberg

Melbourne entered stage four lockdown restrictions over the weekend, with the new lockdown further limiting how often Melbourne residents can leave their homes.


Under the new lockdowns, schools will return to remote learning from Wednesday, while only one resident from each home will be allowed to go shopping once per day and they must stick to their local grocery stores.

Visitors will also be limited to just one guest per household, while exercise is still permitted, but only in your own suburb and not at night or early in the morning.

The Premier yesterday declared a State of Disaster for Victoria, allowing for an 8:00 pm to 5:00 am curfew to be introduced across the city.

The only valid reasons to leave home during the nightly curfews are for work or care purposes.

Meantime, Daniel Andrews is expected to soon announce a full list of businesses which will be forced to close under the new restrictions, as they're no longer considered essential.

Currently, grocery stores and pharmacies are guaranteed to stay open, as are restaurants and cafes as long as they operate a takeaway-only business.

Premier Andrews is also expected to confirm how many new cases have been recorded in the last 24 hours.

Early media reports suggest around 429 new cases have been recorded in the last day.

671 cases were recorded on Sunday and 397 new cases were recorded on Saturday.

In total, there are more than 11,000 cases of the coronavirus in the state, with close to 400 people in hospital.

More From The Market Herald
China and France criticise AUKUS agreement

" China and France criticise AUKUS agreement

Chinese and French foreign ministries have discredited the
China applies to join major trans-Pacific trade pact

" China applies to join major trans-Pacific trade pact

China has officially applied to join a major trans-Pacific trade pact between Australia, Japan, Canada and several other economies.
West African bloc sanctions Guinea coup leaders, junta meets miners

" West African bloc sanctions Guinea coup leaders, junta meets miners

The Economic Community of West African States (ECOWAS) has imposed sanctions on the leaders of the September 5
Commonwealth Bank (ASX:CBA) - CEO, Matt Comyn - The Market Herald

" Commonwealth Bank (ASX:CBA) faces 30 criminal charges for insurance sales

The investments watchdog has brought 30 criminal charges against Commonwealth Bank (CBA) for its promotion and sale of insurance between 2011 and 2015....