New data released from has shown Victoria’s economy tanking last week. It could take an almost $860m weekly hit from the restrictions – that’s a more than $5bn slump over six weeks.
And the indications aren’t good. Not only did consumer spending in Victoria plummet in the run up to and during the beginning of the stage three restrictions, it looks like consumers elsewhere have also started closing their wallets fearful they will be next to go into lockdown.
“Coronavirus cases rising in Victoria has shown that this isn’t necessarily over and that’s put a dampener on overall consumer sentiment.” In the week to 10 July, spending on credit cards went down across the country. In Victoria it fell to levels below 2019. Picture: Commonwealth Bank.“It’s hard to spend if you can’t go to movies, you can’t take the kids to Luna Park or go to all those places you would normally go to,” said Ms Clifton.
Only shoppers in the Northern Territory bucked the trend, going from a 13 per cent to a 16 per cent rise within a week. CBA had predicted the Australian economy would contract by 3.2 per cent in 2020 due to COVID-19. But, with the new lockdown, it has said a 3.8 per cent slump is now more likely. Victoria accounts for around 23 per cent of Australia’s overall economy.As Sydney’s Golden Sheaf Hotel can attest to, pubs are popular again. Picture: Reddit.
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