Shocking figure reveals coronavirus’ huge cost to Qld

Queensland Treasurer Jackie Trad has revealed just how much the local economy could suffer because of the coronavirus outbreak.

TREASURER Jackie Trad says Queensland’s economy could bleed $1.7 billion due to the impact of the coronavirus.

Ms Trad said Treasury modelling had considered various scenarios that depended on how long the global health crisis continues to lock down trade.

Treasurer Jackie Trad says the state budget may take a $1.7 billion hit because of coronavirus. Picture: Steve Pohlner

“Here in Queensland we’ve done our own modelling and depending on how long China is in lockdown, depending on how long flights are suspended from entering Australia, we could see the impact of coronavirus hitting our budget between $900 million to $1.7 billion this financial year,” she said.

Ms Trad later clarified that was the economic impact to the economy, not the Budget.

“So we know that industries currently that are really feeling the stress and the pressure and the impact are the tourism industry, the international education industry, as well as exports,” Ms Trad said.

“We do expect if the impact of the virus continues for quite some time it will impact our larger exports like commodities.

“So it is a watch and wait scenario right now.”

She said Queensland had already offered industry more than $27 million worth of support and had asked the federal Government to match that – a request they are still awaiting an answer on.

“Fundamentally if we are helping them, we are helping workers, in those industries,” she said.

“We are helping them with their cash flow so they have the cast to keep employing Queenslanders.”

Originally published as Shocking figure reveals coronavirus’ huge cost to Qld