Australians’ Spending Continues to Rise
Australians’ Spending Continues to Rise

Australians’ Spending Continues to Rise

Australians’ Spending Continues to Rise

Spending across the economy has risen for a fourth straight month but has tapered off from the highs seen over the past two months, a survey by Australia’s largest lender shows.
The Commonwealth Bank’s Business Sales Indicator showed a rise of 0.5% in economy-wide spending in January, down from monthly growth rates of 0.7 to 0.8% but still above the long-term average monthly growth pace of 0.4%, AAP reported.
In both October and November sales rose at a 0.8% pace before dipping slightly to 0.7% in December.
The BSI measures economy-wide spending by tracking the value of credit and debit card transactions processed through the bank’s merchant facilities across Australia.
CommSec chief economist Craig James said the figures marked a good start to the new year for businesses. “While we’re seeing growth slow from the highs of the past two months, January spending was still ahead of the long-term average monthly growth pace,” James said.
“Consumer confidence remains high, interest rates remain low and local businesses should remain optimistic about the coming 12 months.”
Spending rose across 16 of the 19 industry sectors in January, driven by a 2.1% increase in automobiles and vehicles sales and a further 1.9% rise in spending in service providers following a 2.3% gain in December. Meanwhile, sales in retail stores slipped by 0.7%.
Spending was up in all eight states and territories, with the Australian Capital Territory and Tasmania seeing the strongest monthly rise of 1.1%.

Short URL : https://goo.gl/K9bzv3
  1. https://goo.gl/F1rluE
  • https://goo.gl/yu9zW4
  • https://goo.gl/OFhKx9
  • https://goo.gl/ab22v5
  • https://goo.gl/tVuXbB

You can also read ...

Pakistan to Be Placed Back on FATF List
Pakistan will be placed back onto an international terrorism-...
US Presses India to Cut Tariffs
US businesses and diplomats are pressing India to cut tariffs...
Cybercrime cost has jumped by $155 billion since 2014.
Global businesses are losing the equivalent of nearly 1% of...
The ECB expressed more confidence that inflation would converge over time to its 2% target.
Released within 24 hours of each other this week, the minutes...
UAE Inflation  to Rise to 3.3%
Inflation is expected to rise to 3.3% in the UAE as the 5%...
Turkey will have the widest current account deficit this year at 4.5% of GDP, followed by Argentina and Colombia.
As the US and European countries embark on a monetary...
Nigeria Bank Sees Faster Growth
Nigeria’s biggest bank by revenue expects lending to...
Europe’s main London, Frankfurt and Paris markets barely budged in early moves.
A stronger dollar and slightly higher global borrowing costs...

Add new comment

Read our comment policy before posting your viewpoints