RETAIL SPENDING ON THE RISE

Written on the 11 February 2014

RETAIL SPENDING ON THE RISE

 CONSUMER confidence has improved slightly in the last week but remains low for the month, in the ANZ-Roy Morgan Consumer Confidence survey.

Similar to business confidence trends, there has been a 0.7 per cent jump back to levels seen during the September election.

ANZ chief economist Warren Hogan says the outlook for Australia’s economy is becoming more positive.

“Despite retracing since the federal election last year, consumer confidence remains firmly above levels seen in 2011 and 2012.

“This suggests household consumption growth should begin to improve,” he says.

Hogan attributes the growth to low interest rates and higher asset prices.

“There are already signs that the low Australian dollar is encouraging domestic retail spending, with retail sales growth strengthening notably since last July.”

The bank forecasts household consumption will slow with mining activity mid-year, but pick-up again next year.

Signs also indicate strength in the construction industry, with an increase in residential and non-residential building approvals.

“Nonetheless, there are some significant uncertainties to this outlook, in particular the extent of decline in the terms of trade over the next year or so.

“ANZ thinks the RBA will continue to leave monetary policy at accommodative levels for some time and forecasts the cash rate to remain at 2.5 per cent this year and gradually increase in 2015.”


Latest News

2017 MELBOURNE TOP COMPANIES 41-50

THIS WEEK Business News Australia will reveal the 2017 Melbourne Top 50 Companies, featuring all the movers and sh...

FORMER MFS EXECUTIVES HIT WITH DISQUALIFICATIONS AND MASSIVE FINES FOR MISAPPROPRIATING FUNDS

FIVE key players involved in an investment company that collapsed in 2008 owing $2.5 billion have been ordered to ...

SURFSTITCH BATTLING FOR SURVIVAL

QUEENSLAND based online retailer SurfStitch Group has gone into a voluntary trading halt for three months after it wa...

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

Related News

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

SLATER AND GORDON TAKES SPOTLESS TO COURT

SPOTLESS Group (ASX: SPO) has been hit by a class action launched by Slater and Gordon (ASX: SGH) in the Federal C...

TOPSHOP GOES INTO ADMINISTRATION AMID VOLATILE RETAIL MARKET

TOPSHOP has become the latest in a string of retailers blasted by the volatile retail market, as the iconic fashio...

SIGMA'S SHARE PRICE TAKES A BATTERING AS IT LAUNCHES LEGAL ACTION OVER SUPPLY DEAL

SIGMA Healthcare (ASX: SIG) has taken the MyChemist and Chemist Warehouse chains to court to demand they continue to ...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter