Spending data from Zip's Weekly Spending Index shows that many industries impacted by COVID-19, such as retail and hospitality, were on the road to recovery in June as restrictions eased.

Spending was up 145% in home and renovation and 73% in electronics, while spending in construction surged 53%, coinciding with the beginning of the HomeBuilder scheme

Need somewhere to store cash and earn interest? The table below features introductory savings accounts with some of the highest interest rates on the market.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
020001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • $0 monthly account fee
  • Dip into your savings without losing your bonus interest

Home Saver

  • $0 monthly account fee
  • Dip into your savings without losing your bonus interest
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
4000$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

Savings Account (Amounts < $250k)

  • 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
020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

HomeME Savings Account ($0 - $100,000)

    02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Growth Saver ($1 - $25k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
      For customers aged 14-35 years
      For customers aged 14-35 years

      Future Saver Account ( < $50k)

        05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
        • Maximum Age - 24

        Goal Saver

        • Maximum Age - 24
        010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Boost Saver

          00.011$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Reward Saver Account (31 years +) ($0-$100k)

            01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Bonus Saver Account (Amounts < $100k)

              0201$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              Reward Saver Kick Start (Amounts ≤ $1m)

                00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Life (< 30 years) (Monthly deposit)

                  5000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  NetBank Saver

                    000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    ANZ Save

                      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      Savings Maximiser (<$100k)

                        050$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Young Saver Account

                          0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Save up

                            010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
                            • Earn up to 5.40% pa by depositing $1,000 in the previous month
                            • No account fees
                            • Easy access to your money

                            Saver Account (<$250k)

                            • Earn up to 5.40% pa by depositing $1,000 in the previous month
                            • No account fees
                            • Easy access to your money
                            02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                            Bonus Saver (<$1 Million)

                              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 April 15, 2024. View disclaimer.

                              Department stores and groceries also managed to claw back some of their COVID-19 losses, with spending up 27% and 24% respectively. 

                              One of the hardest-hit industries, restaurants and cafes, have also started to see the beginnings of a recovery, all but recovering to pre-COVID levels with pubs and bars not far behind. 

                              But the second wave of coronavirus infections in Victoria threatens to undo all of that, and raises questions about how impacted industries will survive a second lockdown, according to Zip co-founder Peter Gray.

                              “Australia’s businesses showed during June that we were on the way to recovering, but questions remain as to whether they have created a strong enough buffer during the month to help get through a potential second-wave of nationwide lockdowns throughout July," Mr Gray said. 

                              "Throughout June, consumer spending continued to rise and was getting close to pre-COVID levels across many key segments. Australians were reviving their love of dining out and were slowly returning to the pub.

                              "However the recovery looks set to be tarnished as the nation’s second most populous city and surrounds enters full lockdown measures for the entirety of July and into August."

                              Zip's data shows that as the second spike in Victoria emerged, Australians again descended on supermarkets to panic buy.

                              In the two weeks that preceded the Victorian lockdown being announced, spending at supermarkets was up 27% and 25% year-on-year.

                              Compare that with the peak of panic buying in March, when grocery spending was up 24%. 

                              Consumer confidence plunges amid Victoria's second wave

                              The second wave of infections in Victoria is also threatening to undo any gains in consumer confidence.

                              The Westpac-Melbourne Institute Index of Consumer Sentiment plunged 6.1% to 87.9 in July as anxiety grows about lockdowns.

                              "The drop in confidence reverses all of last month’s impressive gain, taking the Index back to the weak levels seen in May but still leaving it 16% above April’s extreme low of 75," Westpac chief economist Bill Evans said.

                              However, the survey only covers the week the lockdown was announced for Melbourne

                              "It is of some concern that the survey pre-dates the news of a significant cluster of cases in Sydney which emerged last weekend – a day after the end of the survey," Mr Evans said.

                              Victoria's sentiment index plunged by 10.4%, while the rest of the nation showed milder declines of 4.5% combined.

                              "While milder, the weakness in other states is also likely to be linked to the outbreak in Victoria, reflecting concerns about the virus spreading interstate and spill-over effects on the wider economy," said Mr Evans.

                              The renewed COVID threat hit consumer expectations for the year ahead hard, plunging 14% in July. 

                              The ‘economy, next 5yrs’ sub-index recorded a sharp 10.3% fall.

                              Mr Evans said while respondents were previously confident the economic damage from the virus would be short-lived, the second spike in infections raises doubts.

                              "There looks to have been a substantial loss of confidence around the ability to contain the virus permanently, limiting the extent to which the economy can return to business as usual," said Mr Evans.

                              "Certainly, the renewed outbreak points to a slower and more difficult path ahead for the foreign education, hospitality and tourism sectors all of which may see longer lasting restrictions even if the latest outbreak is successfully contained.

                              "Employees of businesses that are indirectly affected by these likely extensions to the disruptions will also be unnerved."