Full 'magnitude of economic shock' won't be seen for months
Australia has never seen an economic shock of this magnitude and shape, Treasury Secretary Dr Steven Kennedy says. In his opening address to a Senate inquiry into the government’s response to COVID-19, Dr Kennedy warned the full “shape of the shock” won’t be known for months to come. "We have never seen an economic shock of this speed, magnitude and shape, reflecting that this is both a significant supply and demand shock,” he said. "The final shape of this shock remains hard to predict because it depends on how the virus’ transmission unfolds in the face of efforts to suppress it – both in Australia and overseas. "Over time, the uncertainty around the progression of the virus will diminish and more economic activity will return. But new challenges will have emerged. Some jobs and businesses will have been lost permanently."
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Australia has never seen an economic shock of this magnitude and shape, Treasury Secretary Dr Steven Kennedy says. In his opening address to a Senate inquiry into the government’s response to COVID-19, Dr Kennedy warned the full “shape of the shock” won’t be known for months to come. "We have never seen an economic shock of this speed, magnitude and shape, reflecting that this is both a significant supply and demand shock,” he said. "The final shape of this shock remains hard to predict because it depends on how the virus’ transmission unfolds in the face of efforts to suppress it – both in Australia and overseas. "Over time, the uncertainty around the progression of the virus will diminish and more economic activity will return. But new challenges will have emerged. Some jobs and businesses will have been lost permanently."
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