Business leaders begin lockdown debate as IMF warns economic damage will rival Great Depression; Kevin Rudd predicts "W" shaped recovery

Business leaders are questioning the economic damage from the coronavirus lockdown as the International Monetary Funds warns of the worst downturn since the Great Depression.

Former Prime Minister Kevin Rudd is sceptical of the IMF's forecast 6.1 percent bounce for Australia's economy in 2021, saying a "V" shaped recovery could become a volatile "W" shaped turnaround. 

Westpac's closely watched consumer confidence survey collapses with the biggest decline in its 47 year history exceeding the 1990s recession.

Peter Ryan analyses the latest for The World Today