BENDIGO'S economy shed extra workers and slumped to all new lows by the end of July.
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Any gains made after the initial crisis in May were eviscerated in July, economic consultancy REMPLAN has revealed in newly released figures.
It comes as the Victorian government worked on a plan to reopen the economy.
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The plan should be released on Sunday, once health authorities have taken on another week's worth of data about COVID-19.
Premier Daniel Andrews did not confirm exact details about the roadmap when he flagged it at a press conference on Monday morning, though he said different industries would have different advice tailored to their situations.
He said decisions including when and how eased restrictions could roll out would be finalised throughout the week.
"It is also very very challenging for us today to predict with any certainty where we're going to be in a week or two weeks," Mr Andrews said.
Last month, REMPLAN revealed that the city clawed back half its losses by the end of June in a recovery cut short by the second wave of infections.
Greater Bendigo's economy was worse off in July than at any other point during the crisis, REMPLAN's latest-month-by-month tracking shows.
It showed Bendigo's output - the total income every group in Bendigo received - lost another $28 million to reach $1.16 billion.
That was on top of the $51.6 million lost in April, the $29.6 million in May and the $7 million in June.
Overall, the economy lost 9.1 per cent of its output.
The latest figures do not show how the damage hit Bendigo during its second wave of central Victorian infections, the bulk of which where detected by health authorities in August.
Nor does it show the effect of regional Victoria's stage three lockdowns, which took effect from 5 August and are yet to ease.
Every Greater Bendigo industry took a hit in July, even those like the retail, accommodation and food sectors which had begun to recover by June, REMPLAN believes.
More jobs disappeared too, REMPLAN found.
Greater Bendigo businesses lost an estimated 413 of them in July, despite JobKeeper and other government support packages.
Job losses increasing after steady falls to just 55 in June, though they were still a fraction of the 1675 that vanished in April.
The pandemic has claimed six per cent of Greater Bendigo's jobs in total since March.
REMPLAN expects to release its economic assessment of August sometime September.
The Bendigo-based economics consultancy has noted it still expects that easing restrictions and keeping the virus contained will help ease pressures on the economy.
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