With restrictions slowly being relaxed in Victoria the latest Google Community Mobility data (to Oct 16th) shows that economic life across the nation continues to, slowly, improve. Using our Economic Activity Index (the 7-day moving average of the Google Community Indexes without the Parks and Residential measures) we see activity across Australia down 17.4% from the January base-line; this is the best result since early July when the Melbourne second wave started to take its toll.
Queensland has also been on a steady, albeit very slow, improvement trajectory over recent weeks and the 7-day average now sits at its best level since the third week in July (-10.1%).
Regions across Queensland have been impacted at very different levels; as is clear when we consider that Mackay (where mining dominates the economy) sits a few percentage points above base-line while the Gold Coast remains 17.4% below. Cairns, despite its heavy tourism reliance, has performed at or better than the Queensland average as the domestic tourism market has been reasonably buoyant. As the summer months are traditionally a time when tourism in the region is very heavily reliant on international arrivals it will be interesting to see how successful the “Summer in the Tropics” campaign from TTNQ to attract domestic visitors will be.