The recovery in Australia’s hospitality industry is picking up as consumers steadily increase spending in restaurants, cafes, bars, pubs and clubs amid growing comfort with COVID-safe practices and a relaxation of restrictions, according to the head of CommBank’s newly established Major Client Group, Chris Williams.
The hospitality industry was one of the hardest-hit economic sectors as Australians were asked to stay at home during nationwide lockdowns in March and April 2020. The path to recovery has at times been hampered by COVID flare-ups and restrictions on movement between states.
But a year on from the nationwide lockdown, the success of state and federal government pandemic management measures has ushered a boom in domestic tourism, propelling a recovery across the hospitality sector, and an uplift in business lending.
“Eating and drinking out is making a good recovery, particularly in regional areas, but it is still sensitive to any periods of restrictions and lockdowns,” Mr Williams said.
