$4 billion wiped off Australian economy weekly due to COVID-19 restrictions

Maintaining the coronavirus shutdown is costing the economy $4 billion a week, according to new Treasury analysis. Gross Domestic Product (GDP) has plunged by 10 per cent in the June quarter — the equivalent of $50 billion being wiped from the economy.

Treasurer Josh Frydenberg has today announced the Australian economy is losing up to $4 billion a week. Source: AAP