The lock down of Australia’s largest city, Sydney, is to go into a third week.
The latest wave of COVID-19 is proving difficult to quash.
Via Shane Oliver, Head of Investment Strategy & Chief Economist at AMP Capital (Australia’s largest fund manager):
- Our rough estimate is the Sydney lockdown is costing ~$1bn a week
- so a one-week extension will bring its cost to ~$3bn
- Experience around past lockdowns suggests economic activity will bounce back reasonably quickly
Meanwhile, Australia’s vaccine program is plodding along. Estimates are an effective rate of vaccination will be hit near the end of this year.