The US Federal Reserve building in Washington DC (Image: Wikimedia/Jbarta)

Australia now has a template for what could happen to its economic outlook if NSW suffers a similar outbreak to Victoria. It is the performance of the US economy.

In the June quarter, the United States recorded the biggest ever fall in GDP -- 9.5% quarter on quarter (or 32.9% annualised, as the Americans do, three times more than the previous worse quarterly fall of 10% in the 1958 recession).

US jobless claims also rose for a second week in a row, instead of falling as they did from late March into early July.