Rate cuts bump up consumer sentiment
Consumer sentiment has jumped 6.3 percent this month, thanks largely to the Reserve Bank’s decision to cut interest rates.
Consumer sentiment has jumped 6.3 percent this month, thanks largely to the Reserve Bank’s decision to cut interest rates.
Local business owners are feeling pessimistic about seeing revenue rises during the upcoming Christmas season, as many express doubt the economy will improve any time soon.
Some good news has been spelled out in the latest Australian Bureau of Statistics (ABS) Retail Trade figures, with retail turnover rising 0.6 percent in August.
Retail turnover fell a seasonally adjusted 0.1 percent in June, with turnover falling most sharply in Department stores and Household goods retailing.
Retail turnover fell a seasonally adjusted 0.6 percent in May, following a rise of 1.2 percent the month prior.
A program designed to attract investment to the Gold Coast has resulted in a boost for the Queensland city’s economy to the tune of more than $100,000 day for the past two years.
Australian businesses feel they are performing better than in 2010 but confidence in the economy remains lukewarm and as a result businesses report only a marginal increase in confidence for the year ahead.
The Federal Parliament is in uproar following Opposition Leader Mr Tony Abbott’s pledge to repeal the proposed carbon tax. Greens Senator Mr Bob Brown says Mr Abbott is being irresponsible, while industry observers say up to 34,000 new, clean, green jobs in regional Australia are at risk.
The NSW Government has hosted a business pitching event to help build consortiums to take advantage of a new $6 million NSW digital economy program, with the event going off like a frog in a sock.
Australian businesses are taking longer to pay their bills, with business-to-business payment terms worsening in the September quarter compared to this time last year.