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McKinsey Survey: Australian consumer sentiment during the coronavirus crisis

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As containment measures have been lifted, Australian consumers’ optimism has returned to April levels, though spending intent is still negative.

These exhibits are based on survey data collected in Australia from Sep 4–7, 2020. Check back for regular updates on Australian consumer sentiments, behaviors, income, spending, and expectations.

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McKinsey Survey: Australian consumer sentiment during the coronavirus crisis

  1. 1. McKinsey & Company 1 More than one-fourth of Australians are pessimistic about the economic recovery, the highest since the onset of COVID-19 22% 21% 18% 19% 20% 23% 26% 57% 57% 61% 60% 52% 21% 22% 22% 20% 20% 17% 22% 60% 60% Confidence in own country’s economic recovery after COVID-191 % of respondents Mixed: The economy will be impacted for 6–12 months or longer and will stagnate or show slow growth thereafter Pessimistic: COVID-19 will have lasting impact on the economy and show regression/fall into lengthy recession Optimistic: The economy will rebound within 2–3 months and grow just as strong as or stronger than before COVID-19 Source: McKinsey & Company COVID-19 Australia Consumer Pulse Survey 9/4–9/7/2020, n = 814; 7/17–7/19/2020, n = 798; 6/19–6/21/2020, n = 799; 5/8–5/11/2020, n = 704; 4/24–4/26/2020, n = 585; 4/10– 4/13/2020, n = 640; 4/3–4/5//2020, n = 669, sampled to match Australia’s general population 18+ years April 3–5 Australia April 10–13 1 Q: How is your overall confidence level on economic conditions after the COVID-19 situation? Rated from 1, “very optimistic,” to 6, “very pessimistic”; figures may not sum to 100% because of rounding. April 24–26 May 8–11 Jun 19–21 Jul 17–19 Sep 4–7
  2. 2. McKinsey & Company 2 The majority of Australians believe that the financial impacts from COVID-19 will continue to last well beyond another two months Adjustments to routines1 % of respondents Impact to personal/household finances2 % of respondents ~93% believe it will take another 2+ months before routines can return to normal, down from 95% in the last pulse survey ~63% believe their finances will be impacted for 2+ months by the COVID-19 situation, down from 67% in the last pulse survey 1 Q: How long do you believe you need to adjust your routines, given the current COVID-19 situation, before things return back to normal in Australia (e.g., government lifts restrictions on events/travel)? Figures may not sum to 100% because of rounding. 2 Q: How long do you believe your personal/household finances will be impacted by the COVID-19 situation? Figures may not sum to 100% because of rounding. Source: McKinsey & Company COVID-19 Australia Consumer Pulse Survey 9/4–9/7/2020, n = 814; 7/17–7/19/2020, n = 798, sampled to match Australia’s general population 18+ years 11% 7% 7–12 months 22% 25% 35% 0–1 month 2–3 months 4–6 months More than one year 33% 8% 17% 13% 25% 4% 7–12 months 2–3 months No impact 4–6 months 0–1 month More than one year
  3. 3. McKinsey & Company 3 Household income1,2 % of respondents Increase slightly / increase a lotReduce slightly / reduce a lot About the same 5%7% 65% 28% 67% 28% Past 2 weeks Past 2 weeks 4% 77% 19% Next 2 weeks 1 Q: How has the COVID-19 situation affected your (family’s) overall available income, spending, and savings in the past two weeks? Figures may not sum to 100% because of rounding. 2 Q: How do you think your overall available income, spending, and savings may change in the next two weeks? Figures may not sum to 100% because of rounding. In the past two weeks, Australians have seen an increase in spending, which they expect to stabilize over the next two weeks Household spending1,2 % of respondents 33% 15% 53% 18% 49% Past 2 weeks 32% Past 2 weeks 9% 67% 24% Next 2 weeks Jul 17–19 Sep 4–7 Household savings1,2 % of respondents 18% 33% Past 2 weeks 53% Past 2 weeks 29% 16% 23% 51% Next 2 weeks 12% 65% Jul 17–19 Sep 4–7 Jul 17–19 Sep 4–7 Source: McKinsey & Company COVID-19 Australia Consumer Pulse Survey 9/4–9/7/2020, n = 814; 7/17–7/19/2020, n = 798, sampled to match Australia’s general population 18+ years
  4. 4. McKinsey & Company 4 How have the coronavirus/COVID-19 restrictions changed the way you shop?1 % of respondents 1 Q: How have the coronavirus/COVID-19 restrictions changed the way you shop? Please select your level of agreement to each of the below statements, thinking about your planned behavior after the restrictions will be lifted (and no vaccine is available). Australians are looking for ways to save and becoming more mindful of how they spend their money when shopping 7% 7% 15% 10% 16% 48% 48% 52% 59% 57% 45% 45% 33% 31% 27%Researching brand and product choices before buying Becoming more mindful of where I spend my money Looking for ways to save money when shopping Spending time planning/making lists for shopping trips Changing to less-expensive products to save money 100% Strongly disagree / disagree Strongly agree / agree Somewhat disagree / agree Source: McKinsey & Company COVID-19 Australia Consumer Pulse Survey 9/4–9/7/2020, n = 814, sampled to match Australia’s general population 18+ years
  5. 5. McKinsey & Company 5 While spending on nonessentials is still below pre-COVID-19 levels, intent is rebounding in all categories Expected spending per category over the next 2 weeks compared to usual1 % of respondents 9 20 22 26 24 32 38 44 38 53 43 16 15 30 41 13 7 8 9 8 8 7 Quick-service restaurant 11 Food takeout & delivery Footwear Groceries 6 Snacks Alcohol Tobacco products 5 Restaurant 5 4 Furnishing & appliances Apparel Non-food child products 10Jewelry 6Accessories Household supplies 3Personal-care products 4Skin care & makeup 10 Stay the sameDecrease Increase 9 26 43 36 26 30 31 23 51 40 26 42 56 46 40 9 7 9 17 9 Short-term home rentals Vehicle purchases Out-of-home entertainment Cruises Entertainment at home 6Books/magazines/newspapers 7Consumer electronics Pet-care services Fitness & wellness 6 11 Personal-care services 6Gasoline 5 Travel by car Adventures & tours International flights 5Hotel/resort stays Domestic flights 6 10 10 Net intent2 -20 -36 -25 -17 -23 -25 -17 -40 -35 -17 -26 -50 -40 -31 +1 Net intent2 +4 -8 -4 -32 -13 -14 -17 -16 -27 -32 -39 -34 -43 -37 -11 -26 Net intent: Above +1 Net intent: -15 to 0 Net intent: Below -15 Change since first survey Change since first survey -5 2 10 11 9 25 54 32 35 36 39 8 4 6 25 37 4 8 27 56 37 49 48 44 23 40 56 63 38 48 58 N/A3 1 Q: Over the next two weeks, do you expect that you will spend more, about the same, or less money on these categories than usual? Figures may not sum to 100% because of rounding. 2 Net intent is calculated by subtracting the % of respondents stating they expect to decrease spending from the % of respondents stating they expect to increase spending. 3 Insufficient sample (n = <40). Source: McKinsey & Company COVID-19 Australia Consumer Pulse Survey 9/4–9/7/2020, n = 814; 4/3–4/5/2020, n = 669, sampled and weighted to match Australia’s general population 18+ years
  6. 6. McKinsey & Company 6 Given the economy and my personal finances, I have to be very careful how I spend my money My income has been negatively impacted by coronavirus or COVID-19 My ability to make financial ends meet has been negatively impacted by coronavirus or COVID-19 More Australians are feeling careful about how they spend their money, and are cutting back on spending Overall sentiment in the general population in Australia1 % of respondents 1 Q: Please indicate how strongly you agree or disagree with each of the following statements. Please select only one response for each statement. Figures may not sum to 100% because of rounding. 2 Measures difference in “strongly agree/agree” between current and last pulse survey. 37% 44% 44% 35% 30% 18% 11% 8% 49% 36% 35% 44% 49% 51% 51% 49% 14% 20% 21% 21% 21% 31% 38% 43% Strongly disagree / disagree Somewhat disagree / agree Strongly agree / agree My family/friends’ health has been negatively affected by coronavirus or COVID-19 Uncertainty about the economy is preventing me from making purchases or investments that I would otherwise make Strongly agree / agree difference since last survey2 +1 +2 +1 -1 +3 +3 +3 Source: McKinsey & Company COVID-19 Australia Consumer Pulse Survey 9/4–9/7/2020, n = 814; 7/17–7/19/2020, n = 798, sampled to match Australia’s general population 18+ years +9 My ability to work has been reduced by coronavirus or COVID-19 I am very concerned about losing my job I am cutting back on my spending
  7. 7. McKinsey & Company 7 More people expect to make a portion of their purchases online post-COVID-19 than before Consumers’ use of online channel before and after COVID-191,2 % of respondents purchasing online3 Source: McKinsey & Company COVID-19 Australia Consumer Pulse Survey 9/4–9/7/2020, n = 814, sampled and weighted to match Australia’s general population 18+ years 1 Q: Before the coronavirus (COVID-19) situation started, what proportion of your purchases in this category were online vs from a physical store/in person? 2 Q: Once the coronavirus (COVID-19) situation has subsided, tell us what proportion of your purchases in this category you think will be online vs from a physical store/in person? 3 Includes respondents who chose “some online,” “most online,” and “all online.” Respondents who indicated that they have not bought the category online and do not intend to do so in the next two weeks are classified as not purchasing online. 21 29 19 37 23 18 43 28 46 16 24 59 40 49 47 42 50 56 81 9 3 +12 +13 Food takeout & delivery +13 +13 +9 Jewelry Groceries +7 Footwear +8 Entertainment at home Personal-care products Non-food child products +6 +4 Skin care & makeup Household supplies Snacks Alcohol Tobacco +6Furnishing & appliances +14 Fitness & wellness Apparel +9Accessories +11Over-the-counter medicine Books, magazines, newspapers +8 +9 +6 Consumer electronics +8 Pre-COVID-19 Expected growth after COVID-19 +43% +41% +37% +35% +35% +33% +30% +29% +28% +25% +25% +24% +23% +22% +19% +19% +18% +11% +4% % growth in customers purchasing category online ~20–35% growth in consumers who purchase online for most categories
  8. 8. McKinsey & Company 8 Have you used any of the following since COVID-19 started1 % of respondents Most Australian consumers have tried a different brand or retailer, with intent to continue their usage 32% 26% 15% 15% 11% Private label/store brand Different brand Different retailer/store/website New shopping method 3 New digital shopping method Source: McKinsey & Company COVID-19 Australia Consumer Pulse Survey 9/4–9/7/2020, n = 814, sampled and weighted to match Australia’s general population 18+ years 57% Consumers have tried a new shopping behavior Intent to continue2 82% 89% 83% 83% 91% 1 Q: Since the coronavirus (COVID-19) situation started (i.e., in the past ~3 months), which of the following have you done? 48% consumers selected “none of these.” 2 Which best describes whether or not you plan to continue with these shopping changes once the coronavirus (COVID-19) situation has subsided? Possible answers: “will go back to what I did before coronavirus”; ”will keep doing both this and that I did before coronavirus”, ”will keep doing this and NOT go back to what I did before coronavirus.” Intent to continue includes respondents who selected ”will keep doing both this and what I did before coronavirus” and “will keep doing this and NOT go back to what I did before coronavirus.” 3 “New shopping method” includes curbside pickup and delivery apps.
  9. 9. McKinsey & Company 9 Seeking better value, availability, and supporting local businesses are key drivers for consumers to try new places to shop Reason for shopping at a new retailer/store/website in the past three months1 % of respondents selecting reason as top-three 42% 27% 22% 26% 26% 3% 20% 18% 13% 7% 20% 7% 5% Supporting local businesses Offers natural/organic options Better quality Better value Better prices/promotions Better shipping/delivery cost Products are in stock More easily accessible from my home The company treats its employees well Offers good delivery/pickup options Less crowded/has shorter lines I can get all the items I need from one place Cleaner/has better hygiene measures 1 Q: You mentioned you shopped from a new retailer/store/website since the coronavirus (COVID-19) situation started. What was the main reason you decided to try this new retailer/store/website? Select up to 3. Source: McKinsey & Company COVID-19 Australia Consumer Pulse Survey 9/4–9/7/2020, n = 814, sampled and weighted to match Australia’s general population 18+ years Purpose-driven Quality/Organic Availability Health/Hygiene Convenience Value
  10. 10. McKinsey & Company 10 Many consumers have tried a new brand based on availability, better prices, and value Reason for trying a new brand in the past three months1 % of respondents selecting reason as top-three 38% 38% 35% 14% 8% 25% 16% 5% 21% 13% 9% Supporting local businesses Products are in stock Better prices/promotions Is available where I’m shopping Is cleaner/safer Better shipping/delivery cost The company treats its employees well Better value Larger package sizes Better quality Is natural/organic 1 Q: You mentioned you tried a new/different brand than what you normally buy. What was the main reason that drove this decision? Select up to 3. “Brand” includes different brand, new private label/store brand. Source: McKinsey & Company COVID-19 Australia Consumer Pulse Survey 9/4–9/7/2020, n = 814, sampled and weighted to match Australia’s general population 18+ years Availability Value Health/Hygiene Purpose-driven Quality/Organic Convenience
  11. 11. McKinsey & Company 11 Source of uncovering new retailer/store/website1 % of respondents Digital channels are a key trigger for finding new places to shop, with 60 percent of respondents citing them as sources of insight 1 Q: You mentioned you shopped from a different retailer/store/website since the coronavirus (COVID-19) situation started. How did you initially come across this new retailer/store/website? Select one. Chart rebased to exclude those knew about it already and just decided to give it a try. Source: McKinsey & Company COVID-19 Australia Consumer Pulse Survey 9/4–9/7/2020, n = 814, sampled and weighted to match Australia’s general population 18+ years 22 13 20 18 27 Advertisement on TV/Print/Radio Proactively researched Advertisement online Someone talking about it on social media Heard from a friend/family member
  12. 12. McKinsey & Company 12 1 Q: Have you used or done any of the following since the coronavirus situation started? Selected “changed my primary grocery store” and/or “shopped for groceries at a different store, not used before” and/or “switched to a discount store.” 2 Q: You mentioned that you have used a new grocery store in the last 2 weeks than previously. What made you try out a different store for groceries and daily supplies? Please select up to 3 answers or add another reason. Change in grocery shopping behavior1 % of respondents 8% 10% 16% Switched to discounter Changed primary grocery store Used different grocery store than usual Main reasons to change stores2 % of respondents who have switched stores 42% 34% 24% 20% 19% 18% 16% 15% Store has better home delivery or pickup services Store is cleaner Store has longer opening hours Need to find cheaper prices Store is less crowded Closer proximity of store/easier to reach Store offers a larger assortment Store offers special promotions on relevant brands/products Source: McKinsey & Company COVID-19 Australia Consumer Pulse Survey 9/4–9/7/2020, n = 814, sampled and weighted to match Australia’s general population 18+ years Australians who are changing grocery shopping behaviors are looking for lower prices or stores that are less crowded
  13. 13. McKinsey & Company 13 Cleaning and social distancing are most important to consumers as they decide where to shop in-store Top priorities when deciding where to shop in-store1 % of respondents for whom this criterion is the most important2 1 Q: Once restrictions lift, which of the following factors will be most important to you as you decide which of these places to visit in person? Respondents were asked to select the most important. 2 The following categories are included in each bucket: Cleaning and sanitization—increased cleaning, improved air filtration, availability of sanitizing supplies throughout the store; Health checks—customer wellness check (e.g., temperature) on entry, employees' wellness check (e.g., temperature) on entry; Masks and barriers—customers and employees wear masks, customers and employees provided masks and gloves, plastic barrier with cashier; No-contact purchasing—curbside pick-up, cashier-less checkout, no contact delivery, buy online for pickup in store; Physical distancing—customer number limit, distancing in customer line, reduced employee activity during shopping hours; Store regulations—no customer product testing, one-way store aisles, special hours for high-risk shoppers. 33% 27% 12% 11% 8% 7% Cleaning and sanitization Physical distancing Masks and barriers Health checks No-contact purchasing Store regulations Source: McKinsey & Company COVID-19 Australia Consumer Pulse Survey 9/4–9/7/2020, n = 814, sampled and weighted to match Australia’s general population 18+ years
  14. 14. McKinsey & Company 14 How have the coronavirus / COVID-19 restrictions changed the way you shop?1 % of respondents COVID-19 is impacting how Australians shop for sustainable products and choose socially responsible companies Source: McKinsey & Company COVID-19 Australia Consumer Pulse Survey 9/4–9/7/2020, n = 814, sampled and weighted to match Australia’s general population 18+ years 15% 16% 17% 19% 18% 61% 60% 62% 61% 63% 24% 24% 21% 20% 19% Retailers promotion of sustainable solutions Healthy and hygienic packaging Sustainable/eco-friendly products 100% Company’s purpose/values How companies take care of the safety of their employees Somewhat disagree / agree Strongly disagree / disagree Strongly agree / agree Buying based on… 1 Q: How have the coronavirus/COVID-19 restrictions changed the way you shop? Please select your level of agreement to each of the below statements, thinking about your planned behavior after the restrictions will be lifted (and no vaccine is available). Possible answers: “strongly disagree/disagree”; “somewhat disagree/agree”; “strongly agree/agree.”
  15. 15. McKinsey & Company 15 Milestones for the Australia population not yet engaging with out-of-home activities1 % of respondents awaiting each milestone before engaging About 80 percent of Australians are waiting for indicators beyond lifted restrictions before reengaging in out-of-home activities 1 Q: Which best describes when you will regularly return to stores, restaurants, and other out-of-home activities? Chart rebased to exclude those already participating in these activities and those who do not deem any of these items important. Figures may not sum to 100% because of rounding. 58 21 21 Government lifts restrictions + other requirement Government lifts restrictions Only once there’s a vaccine or treatment Medical authorities deem safe 32% Stores, restaurants, and other indoor places start taking safety measures 15% I see other people returning 11% Government lifts restrictions and… Source: McKinsey & Company COVID-19 Australia Consumer Pulse Survey 9/4–9/7/2020, n = 814, sampled and weighted to match Australia’s general population 18+ years 66% of people are not currently engaging in regular out-of- home activities
  16. 16. McKinsey & Company 16 Consumers’ worries about out-of-home activities in the next two weeks1 % of respondents 1 Q: How worried would you be if you were to do the following activities in the next two weeks? Possible answers: “not worried at all”; “not very worried”; “somewhat worried”; “very worried”; “extremely worried.” Figures may not sum to 100% because of rounding. 2 Level of concern is calculated by subtracting the % of respondents stating they are “not worried at all” and “not very worried” from “very worried” and “extremely worried.” Source: McKinsey & Company COVID-19 Australia Consumer Pulse Survey 9/4–9/7/2020, n = 814, sampled and weighted to match Australia’s general population 18+ years Level of concern2 50% 51% 45% 49% 40% 35% 37% 35% 33% 28% 32% 27% 23% 23% 33% 30% 34% 29% 36% 37% 35% 35% 34% 34% 29% 32% 29% 28% 17% 19% 22% 23% 24% 27% 28% 30% 34% 38% 39% 41% 47% 49% Attend a large event Get together with friends Shop for groceries/necessities Go to the gym or fitness studio Go to a hair or nail salon Get together with family Shop for non-necessities Work outside my home Dine in at a restaurant or bar Go to a shopping mall Go out for family entertainment Visit a crowded outdoor public place Use public transportation Travel by airplane Not worried Somewhat worried Worried -32 -32 -23 -26 -8 -16 -9 -5 +1 +14 +27 +9 +7 +24 Australians are concerned about going to crowded places, and about traveling via public transportation or airplane
  17. 17. McKinsey & Company 17 While many Australians are going to work and socializing outside their homes, not many are engaging in out-of-home entertainment Consumers’ engagement with activities outside home1 % of respondents 1 Q: In the last 2 weeks, did you go out for the following activities? Chart represents the percentage of respondents who indicated that they left home at least once during the past week to do this activity. Q: How would you estimate your frequency of going out for the following activities change, compared to before the coronavirus/COVID-19 situation? Chart represents % of respondents who will do the same or more activity after COVID-19 subsides. 95% 57% 55% 54% 52% 51% 39% 37% 27% 27% 21% 20% 20% Going out for family entertainment Shopping for groceries or daily supplies Shopping for non-discretionary items Eating out Meeting family members Going to work Getting together with friends Travel on public transportation Visit a crowded outdoor public place Go to the gym or fitness Doing wellness treatments Travel for leisure or work Go to the cinema or concerts Source: McKinsey & Company COVID-19 Australia Consumer Pulse Survey 9/4–9/7/2020, n = 814, sampled and weighted to match Australia’s general population 18+ years Past 2 weeks After COVID-19 subsides 73% 55% 63% 59% 54% 48% 45% 44% 44% 51% 45% 43% 41%
  18. 18. McKinsey & Company 18 Have you used or done any of the following since COVID-19 started1 % of respondents 1 Q: Have you used or done any of the following since the COVID-19 situation started? If yes, Q: Which best describes when you have done or used each of these items? Possible answers: “just started using since COVID-19 started”; “using more since COVID-19 started”; “using about the same since COVID-19 started”; “using less since COVID-19 started.” 2 Insufficient responses (n = <40) 3 Question was not asked in this country’s version of the survey. Australians have picked up new digital and low-touch activities Source: McKinsey & Company COVID-19 Australia Consumer Pulse Survey 9/4–9/7/2020, n = 814, sampled and weighted to match Australia’s general population 18+ years 28% 11% 10% 6% 6% 6% 6% 7% 11% Playing online games 5% Telemedicine: physical Wellness app 2% 3% 6% 2% Online fitness 3% 3% Online streaming Remote learning: myself Video chats: personal Videoconferencing: professional 4% 1% Watching e-sports Telemedicine: mental Digital exercise machine 3% 2% TikTok Spending time outdoors Remote learning: my children 2% 1% 3% 4% Using moreNot using Just started usingUsing less / the same N/A2 14% 11% 10% 11% 4% 12% 4% 5% 5% Restaurant delivery Store curbside pick-up 1% Grocery delivery 4% 1% 2% Quick-serve restaurant drive-thru Restaurant curbside pickup 2% Buy online for in-store pickup Meal-kit delivery In-store self-checkout N/A3 Consumers have intensified their digital behavior across many of these activities, including online streaming, personal and professional video chat, grocery and restaurant delivery, in-store self-checkout, drive-thru in a quick-service restaurant and buying online for in-store pickup N/A3
  19. 19. McKinsey & Company 19 0 50 50 1500 100 150 Telemedicine: mental Online streaming Online fitness Remote learning: my children Remote learning: myself Video chat: personal Telemedicine: physical Videoconferencing: professionalUsed TikTok Wellness app Watching e-sports Playing online games UsergrowthsinceCOVID-192 Intent to use after COVID-191 Percent of new or increased users who intend to keep doing activity after COVID-19 1 Q: Compared to now, will you do or use the following more, less, or not at all, once the coronavirus (COVID-19) situation has subsided? Possible answers: “will stop this”; ”will reduce this”; “will keep doing what I am doing now”; “will increase this.” 2 User growth is calculated as % of respondents who replied that they are new users over % of respondents who replied that they were using the product/service pre-COVID-19 (using more, using the same or using less). Source: McKinsey & Company COVID-19 Australia Consumer Pulse Survey 9/4–9/7/2020, n = 814, sampled and weighted to match Australia’s general population 18+ years Works for now Accelerated shifts Potentially here to stay Australians will continue some of their at-home habits developed during the crisis, such as online fitness or using wellness apps
  20. 20. McKinsey & Company 20 Australian consumers seem keen to shift to more individual modes of transportation Intent to use the following travel and mobility options compared to before COVID-191 % of respondents 7% 8% 10% 8% 7% 23% 24% 32% 21% 18% 12% 29% 28% 27% 22% 21% 14% Taxi/cab 2% 3% Car sharing/rental 2%Bus (public) Train 3% 2%Metro/subway 2% Plane 6% Use less Never use (today) Use moreWill stop using About the same 8% 11% 7% 9% 10% 55% 58% 20% 8% 8% 27% 15% 10% 2% Own bike Walking Own bicycle 2% Own car/truck 3% (E-) scooter sharing 4% 2% 5% Bike sharing 1% 1 Q: Once the current coronavirus/COVID-19 crisis is over (and no vaccine is available), how willing will you be to use the following travel and mobility options available, compared to before the coronavirus/COVID-19 situation? 2 Data not available. Public transport Individual transport Source: McKinsey & Company COVID-19 Australia Consumer Pulse Survey 9/4–9/7/2020, n = 814, sampled and weighted to match Australia’s general population 18+ years N/A2
  21. 21. McKinsey & Company 21 Disclaimer McKinsey does not provide legal, medical, or other regulated advice or guarantee results. These materials reflect general insight and best practice based on information currently available and do not contain all of the information needed to determine a future course of action. Such information has not been generated or independently verified by McKinsey and is inherently uncertain and subject to change. McKinsey has no obligation to update these materials and makes no representation or warranty and expressly disclaims any liability with respect thereto.

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