New Roy Morgan data on people movements shows that Sydney’s and Melbourne’s CBD traffic remains way down on normal levels despite both cities reopening:
The average 7-day movement level in the Melbourne CBD hit a low of 8% of pre-pandemic levels in late July and had increased to 23% on the first weekend after the end of the lockdown on Friday October 22.
Although Melbourne’s lockdown officially ended over a week ago many stores remained closed during the first week post-lockdown. Melbourne’s non-essential retail stores were only allowed to fully re-open over the last weekend and many hospitality venues remained close to in-store dining due to ongoing restrictions.
Life has continued to return to the Sydney CBD and in late October the average 7-day movement levels were at 31% of pre-pandemic levels, up 4% points from a week earlier. Almost 90% of adults in New South Wales are now fully vaccinated against COVID-19.
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Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
