Sudden lockdown in Victoria costs the economy

Sudden lockdown in Victoria costs the economy

New COVID-19 cases resulted in Victoria going into a short lockdown. Although the lockdown itself wasn’t very long, the estimated damage to the economy was high.

Experts are saying that the short lockdown could cost the state $1bn.

Although there have been no new local cases since, some restrictions will stay in place. For example, only 5 visitors are allowed in one day at home and masks are mandatory indoors and outdoors when social distancing isn’t feasible.

Just when Victoria was settling into a COVID-free state, the new cases dampened business. While tracing and testing have been key to limiting the spread, the government continues to learn how to improve its practices to prevent further infections. Over 130,000 tests were conducted during the lockdown period, which demonstrates the government’s readiness and resources in managing the spread.


If you believe the matters discussed above are relevant to your business, please contact Darren Smith of our office to discuss further.

Darren is a Chartered Accountant with extensive experience, including working in the big 4 and medium sized firms before becoming a partner of a city based firm in 2000.

He has gained much experience and has extensive knowledge in providing business and taxation advice, superannuation planning, negotiation of sales and acquisitions of businesses and property development. His client base covers a wide range of industry groups.

Darren works with business owners to grow their businesses and create personal wealth within and outside of their business.

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