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Economy

Fifth Melb lockdown wipes slow spending recovery

Staff reporter

Published July 26 2021

Spending in Melbourne was slowly returning as restrictions lifted following the city’s fourth lockdown, ANZ data show – but the latest round of orders has put an end to that recovery.  

According to ANZ data, during the first week of Melbourne’s fifth lockdown, in response to a rise COVID-19 cases in the city, spending in the central business district slumped 71.1 per cent compared to 2019 levels.

Spending in the rest of inner Melbourne also declined. You can see a visual representation of the data in the animation below.

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The reduction is not unique to Victoria. Earlier in July, ANZ data showed spending in inner Sydney fell in the first weeks of the city’s winter stay-at-home order.

Reduced foot traffic in Sydney’s central business district led to a fall in retail spending of almost 70 per cent in the first week of the order, when compared to pre-pandemic 2019 levels. It remained largely flat at this level in the extended second week.

Victoria’s May lockdown saw spending fall close to 10 per cent on 2019, Victoria-wide. In Melbourne’s CBD, it was closer to 75 per cent, before picking up slightly further into June.

ANZ’s de-identified and aggregated data can provide valuable insights for businesses amid ongoing pandemic-related lockdowns, Anurag Soin, Director, Data Science, ANZ Institutional, said.

“At ANZ, we work with customers to regularly share information which can be critical in helping them mitigate the ongoing risks of COVID-19,” he said. “Our data provides unparalleled insights at a time when business needs it most.”

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Fifth Melb lockdown wipes slow spending recovery
ANZ Insights
Staff reporter
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