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ANZ note that "national ANZ-observed spending growth turned negative for the first time since the week ending 17 May (−1.4% y/y for the week to 29 August). This was caused by a decline in spending in Victoria (−27% y/y) and almost no growth in New South Wales (−0.5% y/y). It seems the low consumer confidence and spending in Victoria has affected New South Wales. A shift in spending from services to retail has defined the pandemic's impact on consumption, but the upswing in retail spending is starting to fade. Retail spending grew 8% y/y for the week to 29 August, the weakest result since the week ending 30 April."
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