• ABS labour force data out today shows an increase in unemployment to 7.5% but employment beating expectations. Fundamentally the stage 4 restrictions in Melbourne will hit labour force data hard in August but the overall picture in July probably wasn’t as bad as expected.
• Victoria’s virus cases are trending down – a welcome relief. New South Wales seems to be holding the line with excellent contact tracing. Meanwhile, NZ has reported its first cases after a long run being virus free – a real worry.

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