Financial advisory firm KPMG has warned that the lockdown in the Sydney northern beaches suburb of Avalon could cost $3.2 billion due to the loss of working hours in December. This is despite the New South Wales (NSW) state government taking a more restrained approach to CCP (Chinese Communist Party) virus (novel coronavirus) restrictions than in its neighbouring state, Victoria. KPMG chief economist Brendan Rynne told News Corp’s The Australian on Sunday that while the NSW government was doing an excellent job in containing the outbreak, he believed the lockdowns adversely affected the economy regardless. “Unfortunately, that pressure brings with it an economic cost as it directly and quickly hits the supply side, and the longer it goes on, it then transfers to demand via confidence,” Rynne said. KPMG based its analysis on estimating how the lockdown would affect the number of hours worked and how Australia’s Gross Domestic Product (GDP) would …