Victoria’s good news Friday as new cases drop, but KMPG analysts predict Aussies being $2,850 a year worse off

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21 August 2020 9:54am

Victoria noted 179 new COVID-19 cases on Friday, the lowest since 13 July when 177 cases had been confirmed.

Active COVID-19 cases also dropped from 7,155 to 4,864 on Thursday showing a promising decline.

Tough travel restrictions could shave $117 billion off the economy over the next decade, leaving each Australian $2850 a year worse off, unless a vaccine is found and widely distributed within two years.

Despite the steep decline from yesterday’s figures (240), there were nine more deaths, bringing the state’s death toll to 385. On Wednesday, Neos Kosmos reported at least 80 deaths from within the Greek community of Melbourne, a figure that has most likely increased over the last couple of days. The national death toll is at 472, which is thankfully a drop in the ocean compared to the global death toll which has surpassed 789,000 according to figures of the John Hopkins Hospital.

#Covid19VicData for 21 August 2020.
There are 179 new cases of #coronavirus (#COVID19) detected in Victoria in the last 24 hours, and an additional 9 deaths reported. We are sending condolences to their loved ones. More information will be available later today. pic.twitter.com/1oHSoNMqQd

— Victorian Department of Health (@VicGovDH) August 20, 2020

There is no doubt that the global pandemic has at least temporarily changed life as we know it. KMPG analysts have forecast Australia’s population to be at 1.1 million below pre-pandemic estimates of 29.1 million by 2029-2030 if a vaccine is not quickly found. Australia’s PM signed a letter of intent with UK drug company AstraZeneka for 25 million doses of a vaccine should Oxford University trials prove successful. This would mean that the vaccine could become available as early as 2021.

If not approved, border restrictions would remain in place and will continue to affect economic growth. KMPG analysts predict that this would mean that Australians would be $2850 per year worse off.

The national cabinet is expected to look at domestic borders today.