Space to play or pause, M to mute, left and right arrows to seek, up and down arrows for volume.WatchDuration: 3 minutes 3 seconds3m 3s Morrison says Victoria lockdown could cost economy $10-12 billionShareFacebookTwitterArticle share optionsShare this onFacebookTwitterLinkedInSend this byEmailMessengerCopy linkWhatsAppPrint contentPrint with images and other mediaPrint text onlyPrintCancelThe newest measures in Victoria's harsh coronavirus restrictions could rip close to $10 billion out of the nation's economy in a matter of weeks, Prime Minister Scott Morrison says.Key points:The total cost of Victoria's lockdowns this quarter is estimated to be as high as $12 billionThe latest round of restrictions alone is set to cost between $7 billion and $9 billionUnemployment will also rise higher than previously forecastMelbourne has been plunged into stage 4 restrictions, which severely limit people's movements and how businesses are allowed to operate.Mr Morrison said preliminary estimates from Treasury suggested those measures would shrink real Gross Domestic Product (GDP) by between $7 billion and $9 billion in the quarter ending in September.The Prime Minister said as a result, the headline unemployment rate was also forecast to peak at close to 10 per cent, with the real unemployment rate, which accounts for people not looking for work and those on zero hours, climbing into the realm of 13 per cent."It is estimated,
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