Victorians spend $2bn as state reopens

The figures, which cite transaction data across the state from 30 October to 6 November, report that more than $200 million was spent at restaurants, while an additional figure of over $800 million was spent on retail. 

According to NAB, these amounts account for a respective 23 per cent and 25 per cent increase in these sectors compared to pre-lockdown transactions.

Accommodation across the state also noted a significant upswing in consumer attention, recording over $38 million during the week – a 72 per cent increase compared to pre-lockdown figures. 

In Melbourne, the overall estimated customer spending accounted for an increase of 21 per cent compared to pre-lockdown figures. However, regional Victoria saw greater consumer activity with an increase of 28 per cent over the same period. 

The major bank has stated that Victorians spent roughly 30 per cent more at restaurants, accounting for a $50 million increase, and 10 per cent on retail, a $70 million increase, compared to NSW spending during its first week of reopening. 

Commenting on the figures, NAB executive for small business Ana Marinkovic that she believes they are the result of pent-up demand due to Victoria’s longer and more restrictive lockdown measures. 

“We’re seeing a really strong rebound right across Victoria and New South Wales,” Ms Marinkovic said.

“Small businesses have really done it tough over the last 19 months, and in the lead up to Christmas they’ll need all the support they can to get back in the best possible position.”

The figures reflect a positive upswing for the Victoria small and medium-sized enterprises (SMEs) as well as a green light for the state’s financial recovery. 

On 30 September, in tandem with the Commonwealth, the Victorian government announced a $2.27 billion six-week support package to assist an estimated figure of over 160,000 Victorian businesses impacted by COVID-19 restrictions. 

Roughly 124,000 of these businesses were said to be receiving the automatic Business Costs Assistance Program grants across October and the first half of this month, totalling up to $1.26 billion.

Last month, the Victorian government released a $54.5 million package to support businesses establishing themselves for street trading.

Find out more about the roles brokers have in supporting SMEs, the housing market and the economy in the November issue of The Adviser, out now.  

[Related: Commercial finance: Education the key to success]