Still, Bendigo Bank economist David Robertson says Australia's extraordinary rebound from recession is very positive indeed.

"It's certainly got a lot of potential, which is a strange thing to say given we have just had a one in 100 year recession," he said.

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"It is going to be very challenging for some businesses to get back off the ground ... but overall, the economic data is now pointing in the right direction.

"Look at spending levels, jobs and confidence. Even business investment is starting to pick up."

Mr Robertson made the comments shortly after his address to business advocacy group Be.Bendigo on Friday morning.

He warned that everything now depends on the rollout of the COVID-19 vaccine and, to a lesser extent, the end of JobKeeper payments at the end of March.

"We are getting more confident that businesses will cope," Mr Robertson said.

The bank is pointing increasing numbers of workers and business owners wanting to move out of Melbourne after a year working from home.

It is also watching businesses take out more advertisements looking for workers.

"There's quite a diverse set of outcomes by industry so I would not want to generalise. But the thing that gives me confidence is that the number of businesses taking out ads is at a two year high," Mr Robertson said.

Regional hubs like Bendigo continue to benefit more than many metropolitan areas because of population growth.

"That trend's here to stay, I think," Mr Robertson said.

All things going to plan, the recession will be considered to have ended as quickly as it started.

"It was the first recession we had that was a deliberate shutdown. I think we will look back at it and see this massive 'V' shape. It will be deep, but at least it was a 'V'," Mr Robertson said.

There are other headwinds that could buffet the economy, though.

Bendigo Bank has resisted being too rosy in its economic outlooks as Australia deals with international trade tensions.

The city is exposed to some extent by those issues with China.

"But trade volumes are pretty strong and if you look at commodity prices you see strength, whether that's gold, iron ore or even agriculture," Mr Robertson said.

"And even when you look at the high value of the Aussie dollar, that would usually make things harder for exporters but is being compensated by the level of [trade] levels."

The bank is also closely watching long term threats like environmental disasters and climate change.

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