This is according to figures released today by the Australian Bureau of Statistics (ABS).
"The result was driven by a fall of 12.6 per cent in Victoria," said Ben James, Director of Quarterly Economy Wide Surveys.
"Victoria saw large falls across all industries except food retailing, as Stage 3 and 4 restrictions saw many businesses unable to trade from their physical stores in August."
While the falls were largest in Victoria, there were also falls in most other states. Retail trade across the rest of Australia (excluding Victoria) fell 1.5% from July 2020 to August 2020, suggesting the initial COVID shopping boom has ended.
Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest non-introductory and introductory interest rates on the market.
Intro rate for 3 months up to $50k, then 5.30% p.a. on paid Ultra plan up to $250k
No deposit or withdrawal conditions. New to Revolut customers for a limited time. Open savings account within 1 month of joining.
Total Interest Earned shown is for illustrative purposes and is based on monthly compounding. Actual Interest Earned will be higher from interest compounding daily instead of monthly.
Disclosure
FEATURED
Instant Access Savings Account ($0 - $50,000)
Intro rate for 3 months up to $50k, then 5.30% p.a. on paid Ultra plan up to $250k
No deposit or withdrawal conditions. New to Revolut customers for a limited time. Open savings account within 1 month of joining.
Total Interest Earned shown is for illustrative purposes and is based on monthly compounding. Actual Interest Earned will be higher from interest compounding daily instead of monthly.
Household items led much of the decline in trade figures but still remains 20% above the levels of August 2019.
Clothing, footwear and personal accessory retailing, department stores, and cafes, restaurants and takeaway food services all had large falls, to be expected considering Victoria's lockdowns. Food retailing also recorded a small fall.
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For home loans, the base criteria include a $500,000 loan amount over 30 years. For car loans, the base criteria include a $30,000 loan over 5 years. For personal loans, the base criteria include a $20,000 loan over 5 years. These rates are only examples and may not include all fees and charges.
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