Australia's coronavirus lockdown to cost $4bn a week in reduced economic activity – treasurer

The treasurer Josh Frydenberg says the current restrictions Australian governments have adopted to stop the spread of coronavirus – restrictions likely to taper down from this Friday – are resulting in a reduction in economic activity worth $4bn per week. Frydenberg will use a speech to the National Press Club on Tuesday to warn the economic shock associated with Covid-19 will be both profound and prolonged, with Treasury estimating a 10 to 12% fall in gross domestic product during the June quarter alone.