CBA note that "updated analysis from......>

AUSTRALIA: CBA note that "updated analysis from payments into CBA bank accounts

indicates that a counterintuitive dynamic has remained in play to the week

ending 8 May 2020. As the economy contracts, spending falls and jobs are lost,

our data reveals that a positive income shock has likely been underway so far in

the household sector over Q2 20. More specifically, at an aggregate level the

reduction in household income from job losses to date has been more than offset

by an increase in government benefit payments. The annual growth rate in our

partial read on household income that comprises wages and salaries paid plus

government benefits paid has eased over the past two weeks. But it is still

running above pre-COVID-19 levels."