Rate rise concerns puts a damper on spending
Australians are feeling more positive as we emerge from the financial crisis, but this has failed to translate into sales at the cash register, latest ABS data reveals.
Retail sales fell by a seasonally adjusted 0.2 percent in September to $19.7 billion, as the government stimulus was phased out and interest rates rose.
During the three months to September retail trade fell 0.4 per cent.
According to ANRA CEO Margy Osmond, consumers are starting to pare back their spending.
A recent ANRA of 1,000 women in September revealed that one in two women with mortgages will cut their discretionary spending now that the RBA has lifted rates again.
“With unemployment and interest rates forecast to continue to climb, the outlook for the retail sector is pretty rocky for the next 18 months at least,” Osmond said
Australians are feeling more positive as we emerge from the financial crisis, but this has failed to translate into sales at the cash register, latest ABS data reveals.
Retail sales fell by a seasonally adjusted 0.2 percent in September to $19.7 billion, as the government stimulus was phased out and interest rates rose.
During the three months to September retail trade fell 0.4 percent.
According to ANRA CEO Margy Osmond, consumers are starting to pare back their spending.
A recent ANRA of 1,000 women in September revealed that one in two women with mortgages will cut their discretionary spending now that the RBA has lifted rates again.
“With unemployment and interest rates forecast to continue to climb, the outlook for the retail sector is pretty rocky for the next 18 months at least,” Osmond said.
