By Oliver Lees
Cash flow in regional Australia is outperforming metro areas, according to newly released Commonwealth Bank of Australia (CBA) data.
Statistics recorded by CBA found transactions in regional Australia exceeded metro areas by 30 per cent at the end of January this year, as the hospitality and tourism sectors experienced a sharp increase.
Lancefield Lodge owner Danielle Crawford has seen first-hand the uptick in bookings as coronavirus restrictions have continued to ease across Victoria.
After purchasing the property in December 2019, Ms Crawford spent much of 2020 renovating the former motel while providing accommodation to essential workers.
She said after a quiet first 12 months business is now more consistent.
“Easter is looking really busy, we’re finding often that Monday through to Sunday we’re completely booked,” Ms Crawford said.
“We’re nearly getting ready to open the restaurant and run a full menu.”
Commonwealth Bank’s executive general manager for regional and agribusiness banking Grant Cairns said while the figures are indicative of the harsher COVID restrictions in metropolitan areas, it also demonstrates the strength and resilience of regional areas.
“This is a testament to a lot of hard work locally and the way these communities have banded together to support regional businesses,” he said.
“It is also reflective of the way Australians as a whole have responded by travelling to regional destinations when it has been safe to do so and enjoying what these areas have to offer.
“With the various government tourism incentives currently on offer, I think we’ll continue to see Australians exploring their own backyard.”
The Victorian government has provided $28 million for Victorians to explore the regions.
Victorians can apply for a $200 voucher under the Regional Travel Voucher Scheme, which will be reimbursed to recipients when they spend more than $400 in regional areas.
Macedon Residents Association president Christine Pruneau said while it’s positive to see local businesses return to pre-pandemic trading, there are a number of logistical concerns, such as transport and the upkeep of public amenities, which need to be considered in planning for an influx of visitors.
“With people unable to travel overseas I’m sure residents are pleased with the renewed interest in the region, but there could be concerns with a huge influx of people that need to be looked at carefully.”
