The impact of the New South Wales and Victoria border closure will be felt most in the sectors which were affected back in March and April, resulting in a weakened national economy, according to AMP Chief Economist Shane Oliver.
The border between Australia’s biggest states will close at midnight on Tuesday in a bid to contain the spread of the coronavirus. “Hospitality, retail and property markets are at the front line here,” Mr Oliver told Sky News. “And they’re going to feel the impacts the worst.
“And that’s going to have an impact nationally, as Victoria is about 30 per cent of the country’s economy. “Maybe the Victorian economy has recovered about two or three per cent of the big slump we saw in March and April. “But I suspect this will get those gains up again. “And that’s going to knock maybe up to one per cent off the Australian economy.”
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