Aussies spending more and more, CBA says
- 21 June, 2013 11:00
Australians are spending more and more thanks to discounting by retailers and lower interest rates, new figures show.
Spending across the economy has increased for the ninth consecutive month, according to the latest Commonwealth Bank Business Sales Indicator (BSI).
The figures released on Thursday show economywide spending leapt by 5.2 per cent in May, seasonally-adjusted, marking the strongest increase in five years.
"Aussie consumers and businesses are spending a little bit more freely," said CommSec economist Savanth Sebastian.
"The recovery in economywide spending is consolidating.
"Retailers have reason to be more confident, and despite the recent fall in the Aussie dollar it is still a case of keeping prices lower to attract customers and prevent them flocking to overseas web sites."
Mr Sebastian said while the economy was improving, the recovery was still fragile.
He said some industry sectors, including vehicles, hotels and motels and business services, experienced modest declines in May.
The BSI tracks spending across the economy, including retail, car and airline sales, by monitoring credit and debit card transactions at Commonwealth Bank merchant facilities.
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