Here’s a chart of debit and credit transaction activity at the Commonwealth Bank, Australia’s largest financial institution, on Tuesday:
That drop, the bank says, is 38% lower than the regular level of transactions at 3pm on a Tuesday.
A spokesperson told BI:
“Transactions would ordinarily maintain through the afternoon, peaking slightly as people leave work. That is quite different to the 38% drop we saw at 3pm on Melbourne Cup day as people turned their attention to the race. There’s some truth when people say: ‘This is the race that stops a nation’.”
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