Victoria was poised to take the biggest economic hit from the COVID-19 pandemic, even before a spike in cases forced renewed shutdowns in large parts of Melbourne and the state's isolation from the rest of Australia, according to the latest Deloitte forecasts.
Australia's second-most populous state was poised to take the biggest economic hit from the COVID-19 pandemic even before a dramatic spike in cases over the past fortnight forced renewed shutdowns in large parts of Melbourne.The state is vulnerable due to its reliance on immigration from overseas and interstate
Many of the smaller states are expected to see higher peak unemployment rates, despite comparatively better economic performance The latest business outlook from consultancy Deloitte Access Economics tips Victoria to suffer the biggest fall in gross state product in the 2020-21 financial year, which just began.
Deloitte predicts Victoria's domestic economy will shrink 1.6 per cent this financial year, also leaving it with the worst economic performance in the nation this calendar year. "The largest downturn is likely to be felt in Victoria given its current spike in cases, as well as that state's dependence on migration and on foreign students in an age of lockdowns and closed borders," Deloitte's Chris Richardson said in the report.
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