Business
Victorian lockdown creates a two-tiered economy – The Australian Financial Review
Credit and debit card consumer spending data shows a two-tiered economy is developing between Victoria and the rest of the country.
Including all states, the national growth of spending was 5.2 per cent for the week to August 8, with retail spending up 20 per cent.
The bounce in states outside of Victoria reflects the recovery in retail sales which across the nation rose 8.5 per cent year on year in the month of June.
The growth numbers suggest the billions of dollars of government stimulus are working their way into the economy. So far the government has spent $35.16 billion in JobKeeper payments, and has also dispersed $…
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