For the week ending January 5, the ANZ's "internal systems" have documented what many shoppers have handed over the counter at shops and department stores around the country.
It includes both offline and online purchases.
One thing that Australians are spending more than ever before is groceries. As Omicron impacts heavily on customers’ thoughts, there has been a larger than typical post-Christmas fall in spending.
Ideas among the 1516 respondents surveyed fell 7.6% to 97.9, well below the neutral level of 100, and was the lowest January result since 1992, when the Australian economy was reeling from high unemployment.
Firstly Aussies spend more on traveling and entertainment but unsurprisingly, expenditure on dining and takeout food has decreased.
Ms. Timbrell said, "Normally, the national seasonal decrease in dining spending is around 11%-18% but this year it was 26%."
People's habits of eating and takeaway spending have switched online, with more than 10% occurring in the first half of January, compared to 4% pre-pandemic and 12-14% during lockdowns.
Data comes from ANZ's "internal systems" Spending in Sydney and Melbourne has risen to levels similar to those seen during a lockdown.
ANZ senior economist Adelaide Timbrell said, there had been similar experiences in other nations, but the extent of Australia's decline while not under lockdown was "surprising".
"We don't believe the economy is as bad as these figures suggest," ANZ head of Australian economics David Plank said, "with the shock of the Omicron rise and limitations on testing capability the primary drivers of the dip rather than underlying economic circumstances".
"As long as it doesn't impact a lot of people's incomes in the long run, we should see a speedy bounce-back as soon as the actual health side of it gets under control," Ms.Timbrell said.
Published on: March 03, 2022