Although the figures from illion and Alphabeta are encouraging, the increased weekend spending has mainly come from those receiving JobKeeper and other stimulus payments. 

New South Wales has seen the biggest bounce back, with weekend spending rates increasing significantly, followed closely by Queensland and South Australia. 

Cafes are almost back to pre-COVID levels, while spending on restaurants is 20% more than pre-COVID levels, driven mainly by the increasing demand for food delivery.

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Provider

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  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
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High Interest Savings Account (<$250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
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  • Set up your Pay Cycle and connect your accounts from over 140 financial institutions.
  • Retrace your spending steps into categories with Spending Footprint.
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Save Account

  • Set up your Pay Cycle and connect your accounts from over 140 financial institutions.
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  • No monthly or international fees on any of your transactions.
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  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
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Disclosure

Savings Accelerator

  • Special offer: Savings Accelerator (Kick Starter offer).
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  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
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4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
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Savings Account

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  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
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  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions. Grow your savings balance each month
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Savings Maximiser

  • Deposit at least $1,000+ each month from an external source
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Online Savings - Premium Saver

    Disclosure
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    HomeME Savings Account (<$100k)

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      Growth Saver

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        Virgin Money Boost Saver

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          Bonus Saver Account

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            Bonus Saver

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              mySaver

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                Simple Saver

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                  Netsave Account

                    3000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    Online Savings Account

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                      HSBC Everyday Savings Account

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                        Incentive Saver Account

                          4000.01$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Bankwest Easy Saver

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                            Bonus Saver

                              0500$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                              Incentive Saver Account

                                Important Information and Comparison Rate Warning

                                All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of December 11, 2024. View disclaimer.

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                                illion CEO Simon Bligh said spending over the weekend of 13-14 June revealed Sydneysiders were ready to enjoy their nightlife again.

                                “While it’s not quite Saturday night fever, we are stayin’ alive and seeing weekend spend returning to normal, especially in those states that have opened up a bit more,” Mr Bligh said. 

                                “Interestingly, it is the men who were the first to emerge from hibernation, spending more on personal care items such as haircuts.

                                "But women are now leading the personal care charge, which is fantastic news for hairdressers and beauty salons which have recently reopened."

                                illion02

                                Source: illion, Alphabeta.

                                AlphaBeta Director Dr Andrew Charlton said despite the positive results, it was worrying that the weekend's biggest spenders were stimulus recipients. 

                                “This is the most encouraging set of consumer data we’ve had, showing the economy is bouncing back," Dr Charlton said.

                                "But the red flag is how much of the economy is still being supported by consumers who received the stimulus and supplement.

                                “It shows that these stimulus measures are still needed, and once they end in September – in less than 100 days - we could be facing a dramatically different type of economy.

                                “It’s clear we are living in a parallel economy – one which is heavily propped up by Government stimulus."

                                Dr Charlton said a hard end to JobKeeper and JobSeeker in September would have disastrous results for the economy.

                                "It is going to be absolutely critical that stimulus measures are tapered and not abruptly ceased, to ensure a smooth transition to what the post-September economy will be,” he said. 

                                In further worrying data, alcohol and tobacco and online gambling continued to see an increase from pre-COVID levels.

                                illion01

                                Source: illion, Alphabeta.

                                Unsurprisingly, sectors still subject to government-enforced closures, such as gyms, pubs and venues, as well as travel, saw drastic levels of decreased spending.

                                Preliminary figures from the Australian Bureau of Statistics released last week showed retail sales surged 16.3% in May, the biggest monthly rise ever published in 38 years of data.