Australia coronavirus - The lockdown in Sydney appears to have had only a small impact onconsumer spending

Having a look at the Commonwealth Bank of Australia Card Spending data for the week ended July 2.

• up 9.9% on the week (using a comparison to 2019 rather than 2020 as 2020 was a dog's breakfast as you all know)
• the previous week, prior to lockdown as +11.1%

The drop from 11.1 to 9.9 for the state, given the capital city of 5million+ was shunted into a lockdown, is not of much significance and augers more positively for GDP growth than would have been the case had consumer spending (as measured by this indicator) plunged.

Equivalent data for Westren Australia / Perth and surrounds, also sent back into lockdown ar +15.9% (prior +21.3%).

In Victoria +20.1% on the week. The state of Victoria have had restrictions very significantly eased, no lockdown in place.

• +20.1% (compared with 2019), highest since week ended May 21.