ANZ notes that "the easing of lockdown....>

AUSTRALIA: ANZ notes that "the easing of lockdown restrictions in some states

has pushed up retail spending considerably. During the week ending 9 May, total

ANZ-observed retail spending was 22% higher than the same week in the previous

year. Consistent with people getting out and about, online spending has softened

from 20% of total ANZ-observed spending to 15%. We expect spending to spike each

time lockdown restrictions ease, but the longer term trend of retail spending is

likely to be weak, reflecting reduced incomes and financial stability for many

households. ANZ-observed spending in social categories is starting to recover,

as shops/restaurants reopen and people purchase fashion items to prepare for

socialising. However, this has not been at the expense of home-related spending,

which is still elevated. We expect elevated demand for groceries to continue far

beyond lockdown, as cost-conscious households and immunocompromised people

continue to cook more at home."