, predicts inner Melbourne could lose 79,000 jobs annually over the next five years under a scenario of prolonged recovery and fewer workers returning to the CBD. It also forecasts that Victoria's economic output could fall by $327 billion over the next five years, compared to pre-COVID forecasts.
With the road to recovery set to be bumpy, Schwartz says unemployment looms as a key pain point, adding that all levels of government will need to focus on tackling joblessness as quickly as possible. Smorgon's note of confidence, albeit measured, is educated by what he labels the inherent resilience of the state’s business community."And we've shown through our bushfires, through our recession we had going back in the 1990s, we do bounce back and we've got a conviction to bounce back."
"To use a good sporting analogy: if you're out of the game for long enough, you may never make a full recovery," he says.
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