NSW could take three years to recover from coronavirus recession | swrighteconomy
It could be worse. The ANZ believes Victoria's economy will contract 5 per cent or by more than $22 billion this year after a flat 2019-20. The NAB is more bearish, tipping a 9.2 per cent contraction this year which would equate to a $41 billion hit.
He said Victorian output could fall by 15 per cent in the September quarter alone as the state endured a six week lockdown.The closure of the NSW-Victorian border is affecting the economies of both states.ANZ senior economist Cherelle Murphy said no state or territory would be immune from the fallout from Victoria's lockdown.
It was the seventh decline in the past eight quarters with activity down 12.1 per cent over the past year, the biggest annual drop in 19 years. New housing construction in NSW alone has fallen to where it was in March 2014.
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