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November 5 Economic Update: our new normal emerges

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.

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September 28 Economic Update: stimulus delivers textbook result

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.

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