These are the Melbourne suburbs really feeling the crunch from the financial impact of COVID-19.
Melbourne’s trendy inner suburbs have been the hardest hit financially by the coronavirus pandemic, with a new index revealing Elwood has been the most affected postcode in greater Melbourne.shows Abbotsford, St Kilda, Prahran, Richmond, Brunswick East, Carlton North and St Kilda East are among the 10 suburbs that have felt the most acute financial pain from the coronavirus fallout.
“When a drop in income hits it’s a real challenge to adjust expenses accordingly. The bills still have to be paid.”Port Phillip councillor Dick Gross, whose ward includes Elwood and St Kilda East, says the bayside municipality - normally an entertainment mecca and magnet for backpackers - has been “really struggling”.Luis Ascui
The financial impact index uses the latest Australian Bureau of Statistics industry and employment-related data in combination with the most recent census information to identify the financial consequences of the crisis by postcode. Mr Greenfield said these suburbs tended to contain young, middle-income families living in newer estates.
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