Australia's biggest state in economic terms said on Friday the coronavirus pandemic could cost it as much A$20 billion ($13.3 billion) in lost revenues over the next four years, underscoring the urgency to revive the country's stuttering economy.
SYDNEY - Australia’s biggest state in economic terms said on Friday the coronavirus pandemic could cost it as much A$20 billion in lost revenues over the next four years, underscoring the urgency to revive the country’s stuttering economy.
Releasing its first estimate of the economic impact of coronavirus, New South Wales said budget deficits totalling A$10-20 billion are expected over the next four years, a far cry from its previous estimate in December 2019 of an average budget surplus of A$1.9 billion over four years. Australia has recorded just over 7,100 coronavirus cases so far and 103 deaths, with new infections under control across all eight states and territories.
Faced with a gloomy economic forecast, NSW - which has recorded about half of Australia’s COVID-19 cases - has moved quickly to reopen compared to other states.
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