Australia’s GDP likely to drop by $10b following extended COVID-19 restrictions

Understanding the economic impact of the current restrictions is very difficult, and comparing to past lockdowns is useful, but only to a point, writes Dr Brendan Rynne.

The economic cost of the current COVID-19 restrictions in New South Wales (NSW) is expected to be slightly greater than in Victoria, reflecting the fact there are different economic structures and population sizes between the two jurisdictions. Given the breadth of supply side restrictions now in place KPMG estimates the cost for NSW is expected to be around $220 million per day, while the economic cost to Victoria in lost economic output is likely to be around $150 million per day. Underst...

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Authors: Brendan Rynne

Published Date: 22 July 2021