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NSW business sector faces ‘$2 billion a week problem’ in shutdown

Article image for NSW business sector faces ‘$2 billion a week problem’ in shutdown

NSW’s business sector now faces losses of up to $2 billion as a result of the state government’s retail and construction shutdown, according to the industry’s peak organisation.

Business NSW CEO Daniel Hunter told Ray Hadley the decision to cease all construction work that isn’t critical was made quickly and after little discussion with industry.

“We didn’t have a lot of advanced notice on it,” he said.

“The construction shut down will cost $1 billion a week, and that’s on top of the $1 billion a week from the existing restrictions.

“So, NSW’s economy and business now has a $2 billion a week problem… Some businesses won’t come back from this rate.”

The shutdown was announced over the weekend and is expected to continue for a minimum of two weeks, with site managers given just a day to advise staff and to put in place safety measures for projects that are abandoned as a result.

Mr Hunter said the quick closure and the financial stress of lost projects will also have an effect on workers’ mental health.

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Image: Getty

Ray Hadley
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