Australian families and businesses will lose $60 billion by the end of the coronavirus crisis, economists believe, as it’s claimed up to 95 per cent of the infected global population would have been spared if China acted faster to contain the outbreak.

The new economic modelling is based on a nationwide shutdown of non-essential services from April to September, meaning if the pandemic persists, losses could be significantly higher.

The findings come as more than 1,000 Australians join a class action worth an estimated $AUD10 trillion against China for not immediately working to contain the virus.

Governments are immune from civil litigation under international treaties, meaning the prospect of success in a lawsuit against China is essentially non-existent.

Australia has 6,729 known cases of COVID-19 and 88 deaths so far, a million people have lost their jobs.

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