Delta lockdown will shrink GDP, cost thousands of jobs

Sydney’s prolonged lockdown for an anticipated two months will cause the national economy to shrink in the current quarter and cost thousands of jobs according to economists, stalling momentum in Australia’s bounceback from the virus recession. The $5 billion in government support payments to businesses and households, however, will cushion the blow and help the economy to follow past lockdown and reopening trends by swiftly rebounding once restrictions are eased, market economists said.