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Victorian financial services forced to close

Reporter
— 1 minute read

Hundreds of financial services providers, along with thousands of other businesses, will be forced to close under new lockdown restrictions.

Only bank branches will be permitted to operate under the new lockdown, as well as “critical banking services” to support the provision of services, and credit and payment facilities. Financial asset investing, insurance and superannuation funds, and auxiliary finance and insurance services will be forced to close. 

The restrictions apply primarily in metropolitan Melbourne.

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The new six-week lockdown will impact a range of Victorian businesses, including retail stores, manufacturing, and administration. Supermarkets, grocery stores, pharmacies, petrol stations, and post offices, are some of the businesses that will be permitted to remain open. 

The closures confirm the worst fears of many economists, with a second lockdown likely to cause significantly more damage to Australia’s economy and result in an extension of stimulus measures. 

 

Victorian financial services forced to close
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