National accounts to show lockdown damage

National accounts to show lockdown damage

As Australia's governments and medical experts ponder the possible impact of the new Omicron coronavirus strain, new figures will show the economic damage caused by the response to the Delta variant.

The Australian Bureau of Statistics will release the national accounts for the September quarter on Wednesday.

Economists' forecasts point to an economic contraction of around 2.5 per cent in the quarter.

If correct, it would be the second largest decline in the history of the national accounts going back to 1959, the biggest being the seven per cent quarterly slump in the June quarter 2020.

Still, it would still leave annual growth at 3.2 per cent and above the long-term trend at around 2.8 per cent.

The decline will be led by a large drop in consumer spending due to the lockdowns in NSW, Victoria and the ACT.

Consumer spending makes up more than half of the gross domestic product equation.

Figures over the past week also showed a decline in business investment and inventories over the September quarter and a small fall in construction work, but exports will make a positive contribution, as will government spending.

More up-to-date data has shown the economy making a marked turnaround in the early stages of the December quarter with retail spending and employment rebounding.

However, economists warn the new Omicron variant has the potential to dent the recovery across Australian and the global economies.

Global ratings agency Standard & Poor's says in an outlook for the Asia-Pacific the arrival of new COVID variants such as Omicron add to the complexity of managing the virus in the region.

“We are still in the throes of a global pandemic and new variants continue to pose risks to economic recoveries,” it says.

“Just as the Asia-Pacific was learning to live with the virus, the new Omicron variant is already disrupting economic reopening.”

Wednesday will also see the release of the highly regarded CoreLogic home value index.

Economists expect house prices rose by a further 1.1 per cent in November, a modest slowdown from the 1.5 per cent growth in October, and continuing a slowing trend from the growth peak of 2.8 per cent in March.

Even so, house prices as of October were 20.8 per cent higher on the year, the fastest growth since mid-1989.

News Related

OTHER NEWS

BREAKING: NYPD cop dies four days after ambush shooting in Harlem that killed his rookie partner

NYPD officer Wilbert Mora has died four days after he was critically injured in an ambush attack which killed his rookie partner.  The 27-year-old has been hospitalized since being gunned ... Read more »

'He was one of the FIRST designers to take a major chance on me': Cardi B shares heartfelt tribute for designer Thierry Mugler after he died at age 73

Cardi B paid tribute to French fashion icon Thierry Mugler, who passed away on Monday at the age of 73. The 29-year-old rapper heaped praise on the famed designer in ... Read more »

Alcott takes Australian of the Year mantle

Newly minted Australian of the Year Dylan Alcott has vowed to use his title to improve the lives of people living with disabilities. But first, he has another tennis grand ... Read more »

Hospitals will note the reason for admission of positively tested patients

Photo: ANP The NICE Foundation, which keeps national figures on corona patients in hospitals, now distinguishes between patients who have been admitted because of Covid-19 and patients who test positive ... Read more »

cultural activities, performances and workshops for primary and secondary education

Collection box for culture Letting children grow up with culture; the importance is undeniably great. This can be easily accessible in the form of workshops, but also larger in the ... Read more »

Economic recovery 'like no other': IMF

The spread of the Omicron variant has meant the global economy has entered 2022 in a weaker position than previously expected, while facing multiple challenges, the International Monetary Fund has ... Read more »

Quantum leap into future 'Diamond Valley'

An Australian startup is looking beyond room-sized supercomputers and says it is developing useful quantum technology that can fit in a backpack. Spun out of the Australian National University, startup ... Read more »

‘Make a policy for forced school closures as a school'

Since the outbreak of the pandemic, the government has decided on forced school closures several times. Such choices, often communicated to schools shortly in advance, have a major impact. In ... Read more »

Een chaotisch geheel van vernietiging

Video installation Jeffung Park: Event horizon. T / m 1/2, Amsterdam Headplane Theater. Inl. plein-theater.nl ●●●●● Elke gamer die ooit een favouriet spel met een Slimme hack heeft uitgekleed kan ... Read more »

More than 1.8 million diploma extracts requested via the website ‘My Diploma's'

A record number of diplomas were downloaded from the government website My Diplomas in 2021. Digital extracts were requested and provided online from DUO 1.8 million times. This is reported ... Read more »

Kerr happy to break down barriers with OAM

Matildas superstar Sam Kerr hopes her recognition in the Australia Day honours list enables more female high achievers to be acknowledged both in and out of the sporting arena. Kerr ... Read more »

KNAW Beijerink Premium goes to Tessa Quax with virological research

Archaea play an important role in the evolution of life and are the precursors of the eukaryotes. Archaea are single-celled organisms that occur in the most diverse places in the ... Read more »

Education minister Wiersma happy with OMT advice on quarantine rules for schools

As far as the OMT is concerned, children up to the age of 12 no longer need to be quarantined after contact with someone who is infected with the corona ... Read more »

German business confidence rises for the first time since June

Photo: ANP German business confidence rose in January for the first time since June last year. The increase in the confidence index of research institute Ifo is a signal that ... Read more »

Digital literacy should be a compulsory subject in primary school

According to director of NLdigital sector association Lotte de Bruijn, it is wrongly assumed that a new generation is digitally skilled. The digital skills of children are seriously below par. ... Read more »

Sims to maintain the rage after ACCC term

Rod Sims, Australia's competition boss, describes himself as rather “dull” – a descriptor that might surprise his many adversaries. The longest-ever serving chairman of the Australian Competition and Consumer Commission ... Read more »

Top cop served in unpredictable times

The Black Summer bushfires, the Bali bombings, the shot-down flight MH17. Andrew Colvin was there to help spearhead Australia's response. The former Australian Federal Police commissioner has been appointed an ... Read more »

Australia Day Meritorious Honours List

The Governor-General is pleased to announce the following appointments and awards: PUBLIC SERVICE MEDAL (FEDERAL) Mr James Victor BAXTER ACT For outstanding public service as Australia's chief negotiator for the ... Read more »

Australia Day honours recipients named

AUSTRALIA DAY 2022 HONOURS LIST * 1040 Australians on the list * 732 in the general division * Companion of the Order (AC): seven * Officer of the Order (AO): ... Read more »

Australia Day 2022 Military Honours List

The Governor-General is pleased to announce the following awards: Distinguished Service Cross Major General Christopher Antony FIELD AM CSC (Australian Army) For distinguished command and leadership in warlike operations as ... Read more »

Musician, mining magnate receive honours

One made the big-time in pop and the other in rock – iron ore that is. While singer Delta Goodrem has been appointed a Member (AM) of the Order of ... Read more »

What is a study limitation and what are you entitled to?

According to the Higher Education and Research Act, MBO, HBO and WO must offer support to students with a disability. To be entitled to this, it is important that students ... Read more »

Presenter Matthijs van Nieuwkerk is ‘Summer Reading Ambassador 2022'

Presenter Matthijs van Nieuwkerk is compiling a collection of stories for the Summer Reading 2022 reading promotion campaign, an initiative of the Stichting Collectieve Propaganda van het Nederlandse Boek (CPNB). ... Read more »

BREAKING NEWS: Roy Hodgson will sign a six-month contract to become Watford's new manager TODAY... with the 74-year-old former England and Crystal Palace boss to replace Claudio Ranieri

Roy Hodgson will sign a six month contract to become new Watford managerThe 74-year-old has been out of work since he left Crystal Palace last year  Claudio Ranieri was sacked as manager of Watford after recent poor form The Hornets are currently 19th in the Premier League, two points off safety  Read more »

Research University of Groningen and Gronings Perspectief on increased stress in gas extraction area

After an increase in 2020, the health of Groningen residents with damage to gas will clearly decline in 2021. There is also a lack of confidence in the national government. ... Read more »

For the seventh time the Week of the Gifted in the Netherlands

People who exhibit the characteristics of giftedness can mean a lot to their environment or society, if they can develop and use their knowledge and skills optimally. It is therefore ... Read more »

WA premier going to NSW for Palmer lawsuit

Clive Palmer's defamation lawsuit against the WA premier set to begin next week has been delayed, but Mark McGowan will have to attend in person when he takes the stand. ... Read more »

‘Pupils can calculate the final exams in this way'

Under the scheme, a pupil can cross out a subject if it should fail, with the exception of the core subjects of Dutch, English and mathematics. Although this is not ... Read more »

Not going abroad for your studies, Nuffic conducted research into the reasons

When it comes to student mobility, the ‘laggards’ often remain out of the picture. New Nuffic research focuses the spotlight on this group. Why do they stay in the Netherlands? ... Read more »

Coronial findings on accused sex offender

NSW arresting officers displayed “shortcomings” in their decisions after their fellow officer was stabbed by an accused child sex offender who was then shot dead, a coroner has found. Nick ... Read more »

Children without corona complaints do not have to quarantine and can go to school

Children up to the age of 12 no longer need to be quarantined if they have no complaints, the Outbreak Management Team (OMT) advises the cabinet. They are advised to ... Read more »

Press conference adapted form at NPO Politics for the deaf and hard of hearing

During the corona press conference on January 25, just like the previous press conference, visuals will again be used to support the story. In this way, developments surrounding the coronavirus ... Read more »

Qld taxi driver charged with rape

A man has been arrested for a string of offences including rape with police alleging he used his job as a taxi driver to exploit women in Queensland's northwest. Detectives ... Read more »

Police investigate possible Vic firebug

Police are on the hunt for a suspected firebug following four grass and bushland fires on Victoria's coastline. Investigators are treating four fires in the Wonthaggi area as suspicious and ... Read more »

Accused stabber 'drank beers' after murder

An accused murderer who says he stumbled upon his beloved girlfriend with multiple stab wounds on New Year's Eve drank several beers instead of calling for help, a jury has ... Read more »

News alarm: Corona press conference + Fin whale skeleton

Good morning! How nice of you to watch the News Clock. Here you can read what will happen today and what you may have missed tonight. Again Today will be ... Read more »

Shame, regret factors in rape case: lawyer

Shame and regret are two things jurors have been asked to consider when determining whether two men accused of raping a friend after a 21st birthday party are guilty. Shaun ... Read more »

Head of Qld corruption watchdog resigns

Queensland Crime and Corruption Commission chief executive Alan MacSporran has resigned, saying his relationship with the watchdog's parliamentary oversight committee has “broken down irretrievably”. His decision to quit comes with ... Read more »

Roberts-Smith defamation trial to resume

Ben Roberts-Smith's high-profile defamation trial is ready to resume next week following months of delays with witnesses still stuck behind Western Australia's border closure. Mr Roberts-Smith is suing The Age, ... Read more »

Vic man in court over NSW dad's killing

A Wodonga man has faced court briefly, charged with the murder of a local father. Benjamin Paul Stiler, 25, faced Wodonga Magistrates Court by videolink on Tuesday afternoon. He's accused ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic