• We released our latest consumption data this morning. For the week ended August 15, NAB data shows a -1.5% year-on-year decline in overall consumption spending – the first fall in weekly spending since the week ending May 2.
• This was mainly driven by very sharp falls in VIC – particularly lockdown areas (down around 17%) – our data includes for the first time a full week of lockdown. Spending also slowed in other states, but was still positive (albeit barely in NSW, and TAS now out-performing).

Listen to the full podcast now. If listening on a mobile device, click listen in browser.