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

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'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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smh /  🏆 6. in AU

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