Treasurer warns Sydney lockdown could lead to second recession

Sydney Morning Herald – 

Federal Treasurer Josh Frydenberg has warned the nation could fall into a second recession if the Greater Sydney lockdown failed to contain the coronavirus outbreak, as industry groups say home builder grants won’t be as effective to drive another economic recovery.

The economy is expected to shrink over the September quarter due to the extended restrictions in NSW, Mr Frydenberg said. A recession is defined as two consecutive quarters of negative growth, which means the next few months are critical.

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