Victorians spend over $2 billion in first week without lockdowns: NAB

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on November 08, 2021 Fact Checked
Victorians spend over $2 billion in first week without lockdowns: NAB

Transaction data released by big four bank NAB reveals Victorian spending habits have well and truly bounced back in the first full week out of lockdown.

Victorians have welcomed freedoms with open arms, spending more than $2 billion across the state from 30 October to November 6. 

NAB transaction data recorded significant increases of expenditure for Victoria compared to their New South Wales counterparts with:

  • $200 million spent at restaurants, up 23% on pre-lockdown transactions.
  • More than $800 million on retail, up 25% on pre-lockdown transactions.
  • More than $38 million on accommodation, up 72% on pre-lockdown transactions.

These figures reported by NAB highlight a spending increase of 21% for Melbourne compared to pre-lockdown spending, and a spending increase of 28% for regional Victoria compared to the same period.

In comparison to New South Wales’ first week of reopening following lockdowns, NAB transaction data found Victorians spent almost $50 million more at restaurants and $70 million more on retail.

NAB’s Executive for Small Business Ana Marinkovic said the data recorded can be attributed to additional pent up demand across Victoria following the state’s longer and stricter COVID restrictions.

"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."


Image by gonghuimin468 via Pixabay

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Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

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