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Analysts at Australia and New Zealand Banking Group (ANZ) offer a brighter economic outlook for Australia, as the high-frequency indicators continue to recover.

Key quotes

“With Sydney’s pre-Christmas COVID outbreak under control, mobility around Australia has broadly returned to where it was in mid-December. The recovery in travel to retail and recreational spots has been much slower though. Overall, our high frequency indicator has continued to recover from its December fall.”

“COVID concerns appear to have waned, but people are interested in vaccine news, with Google searches for “vaccine” at its highest level.”

“It appears most Australians weren’t expecting borders to open soon, though, with Google searches for “cheap flights” still in the doldrums after the collapse in early 2020. In terms of domestic flight intentions, it doesn’t look like confidence has recovered from Sydney’s last outbreak and the subsequent state border closures.”

“So far in the new year signs are that housing interest is still very strong, with Google searches for “stamp duty calculator” and “how much can I borrow” both elevated.”