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Saturday, February 27, 2021

Victoria’s stage 4 lockdown to reduce size of economy in Q3 by $7- $9B

Speaking on the estimation of the new restrictions on Victoria, Australian Prime Minister (PM) Scott Morrison said the Treasury had estimated Victoria’s stage 4 lockdown would reduce the size of the economy in the September quarter by between $7 billion to $9 billion. 

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“Unemployment is expected to peak at about 10%.”

“The effective unemployment numbers will be between 250,000 and 400,000.” 

“We get on top of this issue in Victoria and we band together and we make this work.”

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“And we work together across the country to do the things we need to do, to boost that demand, to encourage that investment, to rebuild our economy, and to go forward.”

“I know this news is upsetting and disappointing.”

“But, Australians, we have to keep our heads up. Let’s keep our heads up together.”

“Let’s look out for each other and let’s get through this and I know we will.”

“Encourage people to speak about their mental health, especially during the pandemic.”

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