Spending picks up as restrictions ease

RELAXATION of most Covid-19 restrictions proves to be good news for businesses in Australia’s two largest CBDs, with sales jumping by up to 10 per cent in the past week.

Commonwealth Bank merchant terminal data shows that businesses in Sydney’s CBD saw sales jump 9 per cent, while a 5 per cent gain was recorded in Melbourne, despite heavy rainfall hitting most of the east coast.

Spending patterns in Melbourne and Sydney CBDs have experienced an increase, particularly across retail businesses. Week on week, Sydney CBD businesses saw a 30 per cent jump in retail sales and Melbourne CBD businesses saw a 31 per cent increase.

CBA group executive business banking Mike Vacy-Lyle said he was encouraged by the positive signs workers and shoppers were supporting their CBD-based businesses.

“We hope to see this trend continue as more people start coming back into city centres over the coming weeks and months,” Mr Vacy-Lyle said.

“(But) we know current weather conditions will impact this activity in the CBDs.”