The economies of Australia's twin urban giants, Melbourne and Sydney, are lagging other capitals as the pandemic takes an uneven toll on activity across states and regions.
The report shows a "tale of four cities" pattern is emerging as the relatively COVID-safe state capitals of Perth and Brisbane make slow but steady progress towards recovery while economic conditions in Melbourne and Sydney deteriorate compared with June., released on Wednesday, which showed a disproportionate slump in confidence in the two biggest states. Westpac's consumer confidence index for August in NSW plunged to 77.8, even lower than Victoria's result of 78.
The financial impact index uses the latest Bureau of Statistics employment and industry data in combination with census information to identify the financial effects of the coronavirus pandemic by postcode.
MattWadeSMH NO COVID IS AFFECTING THE AUSTRALIAN ECONOMY split divide does not help
MattWadeSMH There is a recession on you fool plus a liberal government in power.
MattWadeSMH Nah you did that yourself with all the fake news and fear porn. Pretty soon most of you wont have employment either. yay you
MattWadeSMH resignDanAndrews