Businesses in Sydney and Melbourne CBD have seen a boost in spending as pandemic restrictions ease and more workers return to offices in the two major cities.
Businesses in Sydney and Melbourne’s CBDs welcomed more customers back through their doors last week, with sales up 9 per cent and 5 per cent respectively, compared to the prior week.
Despite major weather conditions on Australia’s 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 seeing a 31 per cent increase.
This activity is in line with the latest CommBank Household Spending Intentions Index for February which also shows Australians are back on the move following the end of COVID restrictions.
Transport spending intentions surged 11 percent in the month, driven by higher fuel prices and increased spending on taxis, parking lots, car washes, freight and trucking services.
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 but was cautious this business activity would be impacted by current weather conditions.
Source: CBA Newsroom.