Paul Miron – Managing Director:
With Spring now in full bloom, we are witnessing more green shoots in the COVID-19 recovery with optimism beginning to emerge with some positive economic news.
Despite Melbournians experiencing what can only be described as a 11-week home detention sentence passed down by the Andrew’s government, the daily numbers are now clearly retreating. This is giving Melbournians some hope that they will eventually be free to leave their homes and be able to reintegrate back into society. In fact, the national recent daily numbers of local cases acquired are the lowest since the beginning of the crises – which is enough to be positive in itself.
The first major piece of valuable economic data has come out with the official unemployment trending better than expected with 111,000 new jobs being created last month with unemployment down from 7.5 to 6.8 per cent. This is despite Melbourne being in total lockdown, which has been a significant handbrake to the national recovery as Victoria contributes to 24% of the national economy.
