'Melbourne was the economic powerhouse of Australia [and] the scale of the economic shock being felt across the central city is unprecedented,' says Lord mayor SallyCapp_.
Inner Melbourne is projected to lose 79,000 jobs annually and bleed more than $110 billion in revenue over the next five years as the COVID-19 recession savages the central city.
With people deserting the CBD, inner Melbourne is expected to bear the brunt of Victoria's economic pain.Accounting giant PwC conducted modelling for the City of Melbourne and the Victorian government, showing the economic effects of the pandemic on inner Melbourne will be far worse than the 1990s recession – equivalent to the combined impacts on the city of World War I and the Spanish Flu pandemic.
Australian Venue Co chief executive Paul Waterson, who owns 42 Victorian hospitality venues, said his company would invest $30 million in refurbishing pubs in Queensland, but he predicted businesses would take an extremely cautious approach to capital allocation in Melbourne for some time.
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