Potential impact of COVID-19 on the Australian Economy
COVID-19 has already had a significant impact on global and Australian economies. KPMG has undertaken economic modelling of the prospective impacts.
KPMG Australia’s modelling suggests that, in the absence of the Commonwealth Government’s stimulus package, the COVID-19 pandemic would reduce Australia’s GDP in 2020 by about 0.9 per cent. While GDP rebounds in subsequent years it takes almost the remainder of the decade for GDP to return to the levels forecast prior to the onset of this pandemic.These impacts would amount to a hit to Australia’s GDP of more than $17 billion by the end of 2020, with a partial rebound of around $12 billion du...
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Authors: Brendan Rynne
Published Date: 17 March 2020