This is according to figures released today by the Australian Bureau of Statistics (ABS).
"The result was driven by a fall of 12.6 per cent in Victoria," said Ben James, Director of Quarterly Economy Wide Surveys.
"Victoria saw large falls across all industries except food retailing, as Stage 3 and 4 restrictions saw many businesses unable to trade from their physical stores in August."
While the falls were largest in Victoria, there were also falls in most other states. Retail trade across the rest of Australia (excluding Victoria) fell 1.5% from July 2020 to August 2020, suggesting the initial COVID shopping boom has ended.
Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest non-introductory and introductory interest rates on the market.
New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
Reverts to variable ongoing rate. T&Cs apply.
FEATURED
Savings Accelerator (Amounts < $50000)
For deposit amounts $0 - $49,999
New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
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Household items led much of the decline in trade figures but still remains 20% above the levels of August 2019.
Clothing, footwear and personal accessory retailing, department stores, and cafes, restaurants and takeaway food services all had large falls, to be expected considering Victoria's lockdowns. Food retailing also recorded a small fall.
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For home loans, the base criteria include a $400,000 loan amount over 25 years. For car loans and personal loans, the base criteria include a $30,000 loan over 5 years. These rates are only examples and may not include all fees and charges.
*The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
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Brooke Cooper
William Jolly
