Sydney shoppers unfazed by Covid outbreak as consumer confidence soars despite the city staring at weeks of lockdown
- ANZ-Roy Morgan consumer confidence index rose 3.7 per cent in Sydney
- This was despite city being in an indefinite lockdown during a Covid outbreak
- Rose by two per cent nationally after outbreaks in three other states
A potential lengthy lockdown and record levels of virus cases appear to not be enough to dent the mood of Sydneysiders for too long.
The weekly ANZ-Roy Morgan consumer confidence index rose two per cent nationally, partially recovering the 3.9 per cent drop of the previous week.
Confidence in Sydney jumped 3.7 per cent.
ANZ head of Australian economics David Plank noted the overall positive result also came after Brisbane, Perth and Darwin emerged from their lockdowns.
The weekly ANZ-Roy Morgan consumer confidence index rose 3.7 per cent in Sydney despite the lockdown as shoppers are unfazed
The positive result is good news for retailers and comes ahead of an expected additional support package from the federal and NSW governments to assist business and workers.
NSW Premier Gladys Berejiklian has warned it is unclear how long restrictions will remain in place when infections are growing, announcing a record 112 cases on Monday and 89 on Tuesday.
Economists estimate the lockdown in Australia’s biggest city is costing about $1 billion a week and are already marking down their national growth forecasts for later this year.
A separate report suggests executives at Australia’s top companies may not be so happy with their lot with pay outcomes for CEOs falling to their lowest levels in more than a decade.
Research by the Australian Council of Superannuation Investors found almost one third of chief executives among companies on the ASX 100 received no bonus in the past financial year, reflecting the impact of the Covid-19 pandemic.
The positive result is good news for retailers and comes ahead of an expected additional support package from the federal and NSW governments to assist business and workers
NSW Premier Gladys Berejiklian has warned it is unclear how long restrictions will remain in place when infections are growing, announcing a record 112 cases on Monday
‘Newly appointed CEOs almost always now start on a salary base significantly lower than their predecessors and bonuses are becoming not just harder to achieve, but more often paid in equity rather than cash,’ the council’s Louise Davidson said.
National Australia Bank will release its monthly survey, which provides a broader look at the business community, in June.
In May, the business confidence index eased from the record high of the previous month, but conditions struck a peak for a second month in a row.
Aside from the latest impact of the virus, the survey will also assess the ramifications of staff shortages and rising material costs that are becoming evident across the economy.
Other recent reports have shown that employers in manufacturing, construction and services are finding it increasingly difficult to find appropriate staff, while the cost of doing business is increasing.