It is encouraging and exciting to see that there has been a huge increase of sales for retail stores in Sydney and Melbourne in recent weeks as workers who are employed by businesses in the CBD areas of the countries two biggest cities are finally back in the office.

According to data from the Commonwealth Bank, sales in Sydney’s CBD are up by 9 percent and 5 percent in Melbourne’s CBD during the first week of March when compared to the data recorded for the final week of February. 

The results are promising and surprising as the extreme weather conditions and flooding taking place along the nation’s east coast, with most of the sales growth witnessed across retail businesses.

Week on week, Sydney CBD businesses saw a 30 percent jump in retail sales, and Melbourne’s retail sales grew by 31 percent.

CBA group executive, business banking Mike Vacy-Lyle said he was encouraged by the positive signs but cautioned the sales growth might still be impacted by the wet weather.

“It is encouraging to see spending in Australia’s largest capital cities on the up and we hope to see this trend continue as more people start coming back into city centres over the coming weeks and months,” says Mike Vacy-Lyle

“We know current weather conditions will impact this activity in the CBDs, especially as Sydney residents and commuters navigate the flash flooding, we’ve seen over the past few days,” continued Mr. Vacy-Lyle

Mike Vacy-Lyle revealed that unfortunately the figures in Queensland weren’t as promising as the majority of shops in Brisbane’s CBD were closed and remained focused on recovery and cleaning up from the recent devastation.

“More broadly, we know areas across Queensland and New South Wales will continue to navigate the devastating impacts of major flooding for the foreseeable future, and for those customers we are here to help. We encourage our business customers to reach out to us, when they are ready to do so, to discuss their individual circumstances and what might be suitable for their needs,” says Mike Vacy-Lyle.

Where Sydney Customers were spending their money in the CBD – Florists (up 55 percent), Stationery and office supplies (up 55 percent), Cosmetic stores (up 38 percent), Clothing alterations services (up 29 percent), Bars and pubs (up 15 per cent).

Where Melbourne Customers were spending in the CBD – Jewellery and watch stores (up 65 percent), Electronic sales (up 30 percent), Fast food restaurants (up 11 percent), Gifts, cards and novelty stores (up 10 percent), Beauty and barber shops (up 7 percent).

Queensland Government Announces $50,000 Support Grant To Help Businesses Impacted By Recent Floods  

Queensland Premier Annastacia Palaszczuk has announced a new $50,000 support grant to assist small businesses who have suffered as a result of the recent flooding.  

The announcement comes as the federal government has agreed to jointly fund a $558.5 million support package to help businesses recover from the recent flooding disaster.     

Through this package, primary producers will be able to access grants of up to $75,000, not-for-profit organisations can access $50,000 and up to $20,000 is available for sport and community clubs and associations.  

There are a total of 19 local government areas (LGAs) situated across Queensland who will be eligible to receive a $1 million boost to help them with much needed clean-up works.   

Queensland Premier Annastacia Palaszczuk has ensured Queenslanders that her government is committed to backing small businesses and primary producers across the region to recover as quickly as possible.  

“I’ve seen first-hand the devastation this event has caused Queensland communities, many of which had already done it tough through the COVID pandemic and when Ex Tropical Cyclone Seth hit our state just two months ago,” says Queensland Premier Annastacia Palaszczuk.  

The payments are being provided through the jointly funded Commonwealth-State Disaster Recovery Funding Arrangements (DRFA) for eligible applicants located the following 19 local government areas of Brisbane, Fraser Coast, Gladstone, Gold Coast, Goondiwindi, Gympie, Ipswich, Lockyer Valley, Logan, Moreton Bay, Noosa, North Burnett, Redland, Scenic Rim, Somerset, South Burnett, Southern Downs, Sunshine Coast and Toowoomba.  

“It’s essential that we get our small businesses, primary producers and not-for-profits back up and running again to support our local jobs, economy and communities. Many small businesses and not-for-profits are experiencing loss of infrastructure, equipment, stock and trading, and primary producers are again facing losses to crops, equipment and infrastructure, but through these grants we’re here to help them in their recovery,” continued Ms. Palaszczuk.  

The team at C&D Restructure and Taxation Advisory are here to help. As part of the Vault Group we can offer the full suite of financial products and advice to help you navigate the business landscape. Schedule a meeting here via Calendly or give us a call on 1300 1 VAULT (1300 182 858)

Post Author: Craig Dangar

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