Consumer spending up in October
Retail spending improved surprisingly in October, ABS data released yesterday revealed.
According to the figures, retail spending rose by 0.7 per cent seasonally adjusted in October compared to September to total $18.4 billion.
The slight improvement was likely the result of September and October’s combined 125 basis point interest rate cut and the substantial decrease in petrol prices.
The result has pushed annual retail spending growth to 2.2 per cent.
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