• Melbourne is now under stage 4 restrictions, with major impacts for which businesses can remain open. It is early days but this could see a 10%+ hit to Victorian GSP.
• It is uncertain how long the restrictions will last and how effective they will be. But it seems clear that economic activity will be hit for longer – into next year – and that unemployment will be higher. We will bring you our latest fortnightly consumption data on Thursday and the monthly business survey next Tuesday.

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