These figures are questionable but they’re the best real-time data that we have. Westpac:
The shift is coast-to-coast:
But it is all staples not discretionary so caution remains:
There is also some good if old news from the ABS. Payrolls held up going into Xmas with a little bit of wages growth to boot:
Though the gender split is a concern and might hint at more damage to come:
With the plague peak still ahead and another leg when kids return to school, the private lockdown will probably have a lengthy tail on it.
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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