A second wave of growing cases in Melbourne has had a detrimental impact on households and businesses, particularly those living in or near areas where many new COVID19 cases have been identified.
"There is much to learn about second-wave behaviours by comparing spending in the hotspots to the rest of Melbourne and greater Victoria."
While containing the spread is the priority, this new lockdown (8 July to 19 August) to metropolitan Melbourne and the Mitchell Shire will have implications for the economic recovery.
Only hotspots were affected for the last four days of the week to 5 July, so the general lockdown effects are likely to be more pronounced in future weeks but there is much to learn about second-wave behaviours by comparing spending in the hotspots to the rest of Melbourne and greater Victoria.
Spending’s crystal ball
Total ANZ-observed spending across the hotspot postcodes was higher (+30 per cent year-on-year for the week to 5 July) than the rest of metro Melbourne (+14 per cent year-on-year). But unlike the first lockdown, residents have government support such as JobKeeper, JobSeeker and mortgage deferrals from the beginning of this lockdown. This may help mitigate the economic impacts.