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NSW, Vic and SA lockdowns costing economy $300m a day, Treasurer says

Federal Treasurer Josh Frydenberg says the lockdowns now in place across NSW, Victoria and South Australia are costing the economy hundreds of millions of dollars a day.

However, the Liberal MP says he hasn’t given up hope on the country avoiding another recession.

“To have your two biggest states, New South Wales and Victoria, in lockdown is a big blow,” he told Sunrise earlier this morning.

“Treasury estimates that having these three states, with South Australia in lockdown, is costing around $300 million a day. Again, that is going to play out in many ways, but that’s why our economic support is there.

“If you look at the economic performance, with respect to this whole recession that we faced [due to the events of 2020], we bounced back quickly. Faster, stronger than either the Reserve Bank or Treasury had been expecting. So I’m confident that if we can get on top of the virus we will see a strong bounce back in the economy.”