Australians are looking increase their spending in the coming months, following positive economic data, a financial comparison company says.
RateCity has recorded an 84 percent rise in applications for loans and credit cards in the three months to September, a survey of its business data shows.
RateCity also found a double-digit rise in searches and applications for loans and credit cards from July. The number of people shopping for a home loan increased 47 percent in the September quarter, while applications for personal loans grew 53 percent and credit card applications jumped up 50 percent.
RateCity CEO Damian Smith said the results highlight that as the economy improves, Australians are becoming more confident with their spending.
“Australians are now more confident in the economy and are looking at not only spending their savings but also borrowing more,” he said.
Slow recovery for Australian economy