There are a few positives to take out of this. Firstly, the data suggests that spending momentum is improving from the low point it hit in mid-April. That could mean consumer confidence is returning as we begin to emerge from the worst weeks of the COVID-19 pandemic.
Secondly, online spending on retail items has increased 110% compared to the same period last year. While restrictions may have kept consumers well away from bricks-and-mortar retail and hospitality outlets through the outbreak, the increase in online spending suggests many consumers are embracing a switch to e-commerce.
But perhaps the best news here is that this CBA data was collected prior to any easing in COVID-19 restrictions. This could suggest the recent easing of some restrictions may show even better results in the next report.
Also, with the JobKeeper payments kicking in earlier this month and more restrictions to be relaxed soon, we might see a further increase in spending in future rounds of CBA data.