COVID19 ECONOMIC IMPACT

REAL TIME TRACKING

COVID19 ECONOMIC IMPACT

REAL TIME TRACKING

This page provides weekly data on the impact of COVID19 on the Australian economy. The information is provided by leading credit bureau, illion, in partnership with economists at AlphaBeta. For further information including access to greater frequency, additional variables and detailed analysis of industries and geographies, please email: illiondata@alphabeta.com

18-24 May

1. Consumer spending

Commentary:

  • Total spending per person now 4% below normal levels.
  • Spending was boosted in the last week by the Coronavirus supplement (doubling of unemployment benefit and youth allowance) as well as the easing of restrictions.
2. Consumer spending by category

Commentary:

  • Heavy falls in shutdown-affected categories: gyms, public transport, travel and cafes.
  • Stimulus has boosted some categories: online retail and subscription services, food delivery, pet care and supermarkets.
3. Consumer credit volumes

Commentary:

  • Credit applications are a sign of consumer confidence and a leading indicator of consumption.
  • The number of credit applications has fallen sharply since the week commencing 1 March, have stabilised over the last few weeks and are now down around 30% in most states.
4. Consumer financial distress

Commentary:

  • This map shows change in financial distress by LGA.
  • This metric will take some time to come through as the crisis deepens.
5. Industry financial distress

Commentary (Real data):

  • It’s too early to see the impact of the crisis on credit scores which tend to lag the economy.
  • Failure risks are expected to rise over time.
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