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$825m: 7 figures that prove Aussie economy’s roaring back to life

·3-min read
Australian currency and sydneysiders at a Westfield enjoying eased covid-19 restrictions.
When NSW opened so did the spending floodgates, and it's good news for the nations economic bounceback (Source: Getty)

Spending in New South Wales went through the roof when lockdown restrictions eased on Monday last week.

NAB CEO Ross McEwan said the whopping figures that came out of NSW in a single week are a good sign for what’s to come elsewhere around the country.

“You are seeing a really good bounce back in Sydney and I expect this to happen in Victoria as we come out of lockdown as well,” McEwan said.

Here is a look at some of the biggest numbers.

  1. $825 million: That is how much money changed hands last week. To put it in perspective, NSW spent more in a single week than the entire country did on Boxing Day in 2019.

  2. $116 million: Restaurants, bars and pubs welcomed patrons back, and their tills were filled up too to the tune of $116,000,000.

  3. $82 million: That’s how much people spent on clothes for their first outings, up 351 per cent from the week before.

  4. $34 million: Spent in beauty shops and hairdressers, so by all accounts everyone was looking their best for their first week out of the house.

  5. $24 million: That was spent on accommodation as Aussies prepare to take a long-awaited getaway.

  6. $2 million: Spent on car rental to get to the aforementioned accommodation.

  7. $400,000: Went towards airlines with Aussies banking on borders reopening soon.

The Commonwealth Bank (CBA) also dug into the nitty gritty numbers, putting out their own data on where we spent our money.

It seems a lot of people were in desperate need of stress relief, with spending at remedial massage businesses up 735 per cent in a single week.

Aussies were also travel-hungry, with purchases at luggage stores up a massive 830 per cent.

Where were people shopping the most?

The CBA data found that people really were excited to get out of the house, with key shopping districts seeing a large jump in turnover.

Miranda in the Sutherland Shire saw the greatest spending increase, up 203 per cent, or triple that of the previous week. Meanwhile, Bondi Junction in Sydney’s east was up 157 per cent and Liverpool in Sydney’s west was up 154 per cent.

“It’s fantastic to see everyone across NSW rally to support businesses both large and small and spending big,” said CBA executive of business banking Mike Vacy-Lyle.

“I love hearing stories about local hairdressers receiving flowers from their returning clients or local cafes welcoming customers back through their doors.

“It’s been a challenging time for the small business community in particular, and their continued resilience is a credit to their drive and dedication to their communities.”

Reopening plan

NSW hit the 70 per cent double dose vaccination rate last week, which saw fully vaccinated people able to attend restaurants, pubs, gyms and stores.

The state then hit the 80 per cent double dose vaccination target yesterday which saw restrictions ease even further so vaccinated people are no longer required to wear masks on the street or at the gym.

Limits to how many people can be inside at one time, as well as attend weddings and funerals were also eased.

Victoria is set to hit the 70 per cent target on Thursday this week, leading to easing restrictions on Friday.

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