Below trend growth to continue
Overall spending increased 7.0% in Victoria (first positive result since the first week of August), second only to WA (8.3%).
Overall consumer spending increased 5.4% y/y in the week ending November 7 (biggest increase since early-September), as spending in Victoria roared back as lockdown restrictions began being lifted. Overall spending increased 7.0% in Victoria (first positive result since the first week of August), second only to WA (8.3%).
This week we take a closer look at Victoria. Victoria’s retail, hospitality and health services spending has recovered rapidly since major reopening on 27 October. While hospitality spending remains well below pre-pandemic levels, further increases to venue limits this week, combined with an extended run of low to no cases, should see further growth. For more detail see page 3.
Payments inflows into NAB merchants also showed a 2.7% increase in 6-week rolling y/y terms this week (-0.6% last week). Improvement came mainly from medium (7.9%) and small (6.1%) firms, with corporates lagging (0.6%) – although reversing 2 consecutive weeks of contraction.
For further details please see NAB Data Insights 12 November 2020 Report
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