[T3rminator]

The retail and hospitality sectors have taken their biggest spending hit since Delta lockdowns, ANZ says
https://www.businessinsider.com.au/r...r-spending-hit

• National spending levels have plummeted to levels unseen since the Delta lockdowns.
• Shops and cafes have been hit particularly hard, as residents in NSW and Victoria lock themselves down.
• ANZ’s head of Australian economics says “a big issue this time is there is no government support”.

“A big issue this time is there is no government support as we aren’t formally in lockdown. It will be interesting to see how governments, federal and state, respond to this.”

According to ANZ, overall spending in Melbourne specifically, and Victoria overall, is not as low as it was during the prolonged lockdowns of 2020, and is expected to recover faster than it did last year.

The same can’t be said for Sydney though, where ANZ senior economist Adelaide Timbrell suggests interstate travel restrictions have taken a greater toll.

“ANZ-observed spending has also fallen sharply in Queensland, South Australia and Western Australia since the Christmas trading period, with spending in all states a little lower than 2021’s out-of-lockdown levels,” she said.