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
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Meanwhile, Australia's vaccine program is plodding along. Estimates are an effective rate of vaccination will be hit near the end of this year.
