The City of Melbourne could lose up to 79,000 jobs over five years, data shows
Inner-Melbourne’s economy could shrink by up to $110 billion over the next five years because of the coronavirus pandemic, new data commissioned by the city says.
The modelling, which the City of Melbourne and the Victorian Government commissioned from PricewaterhouseCoopers, made projections based on stage 4 restrictions and assuming a “slow economic recovery” with public health measures in place into 2021.
Compared to projections made before the pandemic hit, the data shows the City of Melbourne’s economic output could be reduced by up to $23.5 billion in 2020 and up to $110 billion over the next five years.
The modelling also shows there could be up to 79,000 fewer jobs in inner Melbourne over the next five years, as an annual average.
However, the City of Melbourne said this “worst case scenario” in job losses could be avoided with major economic stimulus and recovery plans.
Lord Mayor Sally Capp said in a statement:
"Melbourne was the economic powerhouse of Australia. The scale of the economic shock being felt across the central city is unprecedented.
"The modelling shows more than 22,000 jobs could be lost in our accommodation and food services sector this year alone.
"We can't afford to lose our world-class food, cafe and retail culture.
"This new data shows that Melbourne needs urgent support from the Victorian and Australian Governments to support businesses and restore our marvellous Melbourne.
"We are working closely with the State and Federal governments to secure further support for businesses and investment for the city's reactivation when it is safe to do so."
By Leonie Thorne
https://news.google.com/__i/rss/rd/articles/CBMibmh0dHBzOi8vd3d3LmFiYy5uZXQuYXUvbmV3cy8yMDIwLTA5LTEwL2Nvcm9uYXZpcnVzLWF1c3RyYWxpYS12aWN0b3JpYS1kYW5pZWwtYW5kcmV3cy1jb3ZpZDE5LXJlZ2lvbmFsLzEyNjQ3NjA00gEnaHR0cHM6Ly9hbXAuYWJjLm5ldC5hdS9hcnRpY2xlLzEyNjQ3NjA0?oc=5
2020-09-09 21:54:00Z
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