economicupdate

New data released today by illion shows Australia’s economic recovery is starting to emerge, but with Sydney taking a clear lead over Melbourne.

New data released today shows Australia’s economic recovery is starting to emerge. The last fortnight of spending has been the first time Australia has hit pre-pandemic levels of spending since July. This is also the first time since the pandemic began that high income earners are spending at pre COVID levels – both in discretionary and essential spending.

New data released today shows a slew of new infrastructure has turned Western Sydney into ‘Toll town’, impacting residents with a significant financial burden – tolls on their daily commute. New data covering the period of May – September 2020 scanned the transactions of millions of commuters to calculate the average spending on tolls per household per week.

New data released today shows how the Australian government’s textbook stimulus response offset falling spending in the rest of the economy. During the COVID pandemic Australian consumer spending dropped very rapidly – down 21% below normal levels at the height of the pandemic. In response, the Government implemented a strong set of stimulus measures. These stimulus measures helped support overall spending in the economy.

New data released today shows the important role coffee is playing in helping COVID-weary Aussies cope with the daily grind. Whether it’s a time-honored cappuccino or a trendier macchiato, caféphiles in Sydney and Melbourne continue to feed their cravings for fresh ground caffeine in the suburbs.

New data released today has confirmed New South Wales was on the same downward spending trajectory as Victoria in early August, with its lowest spending since early June. Overall spending in Australia is down 5% on normal levels, largely brought down by the continued strict lockdown in Victoria.

New data released today has confirmed that early superannuation withdrawal continues to drive a huge spending boom and that the program has not been used as intended by many Australians. But as it turns out, many people may not have needed to access their Super early at all.

New data released today has confirmed that spending continues to rise to 15% above pre-crisis levels, driven by the massive cash flow impact of early withdrawal of up to $10,000 in superannuation money and the impact of $750 Stimulus payments.

This week’s data shows that while spending has skyrocketed to 17% above normal levels, almost all of the growth was due to Stimulus and early Super. Meanwhile, as stage 3 restrictions enter their second week, spending in Victoria is around 15% below other states.

New real-time data from illion and AlphaBeta shows that Australia’s low-income earners (those earning less than $65k a year) have carried the economy on their shoulders throughout the COVID-19 crisis.