Results for coronavirus, economic commentary

Q2 GDP growth below expectations but still strong.

Consumption is down almost 7% compared to the start of 2021.

Lower currency continues to buoy Australian agriculture.

The Sydney lockdown is in its fifth week and looks set to be extended well beyond July 30. Given the high transmission rates of the delta variant, snap lockdowns are likely to remain a ‘tool of first resort’ in controlling the virus until vaccination rates lift.

Conditions at a record high in Q2.

Compared to the start of 2021, consumption is now down around 0.7%.

Lockdown disruptions but expect recovery to continue.

Wages growth and expectations.

Confidence falls on virus fears.

Victorian spending has bounced back to above the national average.