Victoria is projected to lose up to 325,000 jobs this year because of the coronavirus pandemic, a report released by the City of Melbourne says.
The City of Melbourne's economy could be reduced by up to $110 billion over the next five years, the report says
The modelling, which the City of Melbourne and the Victorian Government commissioned from PricewaterhouseCoopers, forecasts the economic impact of COVID-19 on the state over a five-year period. In 2020 alone the City of Melbourne is projected to lose up to 75,000 jobs, with 250,000 job losses forecast in the rest of Victoria, the report said.
: one in line with government projections, one assuming prolonged public health measures, and one assuming a stronger recovery where retail and hospitality re-opens quickly.are based on the second, worst-case scenario, because government projections were published before stage 4 lockdowns were imposed on Victoria's capital.
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