The lockdown in Melbourne will be extended into Q4 and only lifted if virus cases are brought down sharply. With retail stores set to remain closed until at least late October the weakness in consumption we anticipate in August will now extend into Q4. And the slump in capacity utilisation suggests that business investment will fall until the end of the year. While we still expect the rebound in other states to drive positive growth in Q3 and Q4, the extended lockdown will weigh on the recovery.
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