Delivering an update to the Senate on Thursday, Mr Kennedy stressed the hit was primarily due to a slowdown in the tourism and education sector and the exchange rate.
“We have undertaken a preliminary assessment of what the impact of COVID-19 might be in the March quarter, and at this stage, we expect the virus to detract at least a half of a percentage point from growth in the March quarter 2020,” he said. “Beyond this preliminary estimate for the March quarter it is too early to tell, given the uncertainties, what the full impact of the COVID-19 coronavirus will be on the Australian economy.
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