“Card data shows strong spending recovery

Matthew CranstonandEdmund Tadro

May 12, 2020 – 9.42am

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Credit and debit card data show Australians are starting to open their wallets, with their food, alcohol and home furnishing spending now higher than this time last year asCOVID-19restrictions ease.

unemployment will largely bounce back, why would it not? Gov subsidies will end, people will need to get on with life. This unemployment trend is short term. The virus will be gone. If it comes back in a second wave that is another story. “

Maybe I am optimistic, I have never been in an economic crisis Induced by a virus, or any economic crisis for that matter, but a the banks are supporting us (debt deferrals), the gov is supporting us (though forgetting some groups of people sadly), we have options like BNPL to help us with cashflow management, this sharp drop in unemployment was purposefully created by our government, these numbers should not really be a shock to anyone when our whole country is placed on lockdown, i mean really what do you expect? This same logic applies to the think that yes, most of these jobs will quickly reappear when lockdowns are lifted. May not be as quick as it came down but gov is expecting 60% of monthly GDP will be back by the time full lockdowns are eased.

and house prices? They’ve already fallen from their recent peaks I believe and I haven’t really noticed too much decrease in consumer spending that has caused any reasonable concern from what I’ve seen.

also seeing articles about the Chinese beginning to shop for property in Aus, they are snapping up bargains and I’m sure this trend will continue so long as aussies sell to them at these prices.

https://amp.news.com.au/finance/real-estate/buying/chinese-buyers-flooding-back-in-to-snap-up-aussie-property-as-prices-fall-due-to-covid19-crisis/news-story/c4c4d60d43ec8f52c404dd703d9a8dd3