Lockdowns cost the economy about $ 220 million a day – Josh Frydenberg

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The The latest lockdowns caused by the coronavirus are costing the economy around AUD 300 million ($ 220.4 million) per day, said the highest representative of the Australian Treasury Josh Frydenberg in an interview with the Australian Broadcasting Corporation (ABC) television network on Thursday.

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We expect Australia’s GDP to be affected in the current quarter as a result of continuous blockades. “

“Right now, with over 13 million Australians locked up, these are very tough times.”

“The companies are closed, the children are being homeschooled and, of course, the families are separated. And it’s going to have an impact on the economy. We will see it in the future in the employment data, as well as in the GDP growth figures. “

“Our expectation is that these locks are costing around AUD 300 million a day, which is a very high price. And of course we are not out of this yet.

Market reaction

The AUD/USD unfazed by the comments above, now moving towards 0.7400 amid the market’s risk appetite mood. At the time of writing, the Australian dollar is gaining 0.17% to trade at 0.7370.

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