Victorian state premier, Daniel Andrews, announces further business restrictions in the state amid the virus situation
- There will be more progressive announcements in the next few days
- This six-week period is incredibly critical
- Says never thought he would ask people not to go to work
- Supermarkets, grocery stores, petrol stations, banks, post offices to stay open
- Retail, manufacturing and some administrative businesses will close
- Business closures will apply from midnight Wednesday
- These restrictions will apply to metropolitan Melbourne
- Industrial sector will operate at a lesser capacity in August, September
- Construction sector to be scaled down during this period
This was somewhat anticipated after the news over the weekend but it just reaffirms the narrative that the Australian economy will be suffering a heavier setback during this period. As a reminder, Victoria is Australia's second most populous state.
The aussie is taking the news in stride so far, with AUD/USD trading little changed on the day at 0.7143 currently. But in the big picture, the escalating virus situation here and elsewhere around the globe adds to a less rosy outlook on the global recovery.
In other related news, Tasmania has just announced that they won't reopen their borders any time before 31 August - putting off plans to reopen to Southern Australia, Western Australia and the Northern Territory this Friday.
