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July 9 2021

1. Peak card spending?…

ANZ card spending shows the month on month change for June 21 was much weaker than 2018 and 2019. The MoM decline suggests that a return to more normal spend, at least, may be upon us.

Source: ANZ Research

2. Jobs vs lockdown…

Interesting to note the Current (Sydney) and recent (Melbourne/Perth/Brisbane) lockdowns in Australia have had relatively small effects on job advertising compared with what we saw last year. Job advertising in Melbourne is recovering after dipping amid its 2-week lockdown from 28 May.

Source: Seek, Macquarie

3. A lockdown in charts…

No flights, and no flu!

Source: Chart 1-, Macrobond, Macquarie Macro Strategy

Chart 2 – Source: NSW Health, Macquarie Macro Strategy