Businesses in Sydney and Melbourne’s CBDs have experienced a boost in their sales as more people have gone back to work in their offices.
According to the latest report from CommBank, sales of retail businesses in the Sydney CBD went up nine per cent while Melbourne CBD experienced a five per cent growth, both figures considerably higher compared to the prior week.
The growth comes despite major weather conditions that affected Australia’s east coast. On a week on week basis, Sydney CBD businesses saw a 30 per cent jump in retail sales and Melbourne CBD businesses seeing a 31 per cent increase.
This activity is in line with the latest CommBank Household Spending Intentions Index for February that reveals the extent of the post-COVID recovery among Australians following the end of COVID restrictions.
Transport spending intentions surged 11 per cent in the month, driven by higher fuel prices and increased spending on taxis, parking lots, car washes, freight and trucking services.
In a statement, CBA Group Executive for Business Banking Mike Vacy-Lyle said he was encouraged by the positive signs workers and shoppers were supporting their CBD-based businesses but was cautious this business activity would be impacted by adverese weather conditions.