Jacinda Ardern. Source: Asia Times
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • No new community cases of COVID-19 have been reported in New Zealand as the country’s capital finishes day two of its fourth lockdown
  • Auckland was placed back under tier three restrictions on Sunday morning after a case of community transmission was detected
  • The case has been linked to a previous cluster detected on Valentine’s Day, with two families breaching isolation rules and spreading the virus
  • The New Zealand Prime Minister has chastised the individuals and families involved and asked for all residents to abide by the lockdown rules
  • Its estimated the seven-day lockdown will cost New Zealand’s economy roughly NZ$240 million (around A$225 million)

No new community cases of COVID-19 have been reported in New Zealand as the country’s capital finishes day two of its fourth lockdown.

Prime Minister Jacinda Adern placed Auckland into tier three lockdown on Sunday morning after a case of community transmission was detected.

The capital city and surrounds had previously been locked down only several weeks earlier, to combat another community outbreak.

Outbreaks linked

This latest case has been linked to that previous cluster detected on Valentine’s Day, with two families breaching isolation rules and spreading the virus

Additionally, a second, separate case has been confirmed in Auckland after the patient failed to isolate after taking a COVID-19 test.

Commenting on the different rule-breakers, the Prime Minister chastised them and said the country could only live normally if everyone followed the plan.

“Plainly everyone is paying the price,” Jacinda Ardern said when asked about the breaches.

“Rule breaking can prolong that plan, so that is why I’m asking everyone now more than ever to continue to back and support one another,” she explained.

“And if that means calling a family member or colleague out for not following the rules then we should do that. Do it with kindness, but do it,” she added.

Lockdown cost

This latest lockdown, Auckland’s fourth since COVID-19 began, is expected to last seven days.

Local bank ASB has formulated that the week-long lockdown will cost New Zealand’s economy roughly NZ$240 million (around A$225 million).

The bank’s economists believe this lockdown could have a more immediate impact than the previous one last month, with hospitality to be badly affected.

“It is the services sector – particularly hospitality and events – that bears the brunt of the impact, even if contactless sales do enable some venues to open during people’s leisure time,” ASB chief economist Nick Tuffley said.

More From The Market Online

Bullock: Hold call doesn’t rule out further tightening, if that’s required to beat inflation

Michele Bullock has made it very clear that the Reserve Bank is still strongly considering more rate hikes, especially if it’s the only

Reserve Bank holds rates at 4.35% as inflation battle drags on

The Reserve Bank has left the cash rate unchanged at 4.35%, warning inflation remains too high…
Global trade disruption concept with container ships blocked from entering or exiting the Strait of Hormuz. Maritime blockade and geopolitical tension affecting international supply chain and shipping routes.

Markets rally, ASX surges as US-Iran strike preliminary deal to reopen Strait of Hormuz

Australian shares rallied after the US and Iran confirmed a landmark ceasefire agreement, lifting miners, banks…
Close-up view of erupting molten lava, showcasing the intense heat and dynamic nature of volcanic activity.

Records up top, energy melt down, all eyes back on rech

Records on top. Regime turn underneath. Three U.S. indices closed at record highs into a holiday-shortened week. The Philadelphia Semiconductor Index ripped +5.53%...