Spending recovery growing, but still patchy
The Australian Financial Review (AFR) has published an analysis of credit card spending throughout the country, finding that while spending on services and one-off expenditures, such as meals and films, is increasing, growth in large-scale expenditure on consumer items remains low.
A study published by the Commonwealth Bank finds that consumers are 'more relaxed' about household expenditure, but are maintaining a higher control over spending than pre-crisis levels.
The bank's business sales indicator grew by just 0.02 per cent in May, but has maintained a positive upward trend in results since February.
CommSec chief economist Craig James said that while the results don't show a large increase in spending, businesses should take confidence that growth is remaining steady.
"The situation is not getting substantially worse, but its not getting substantially better either," Mr James told the AFR.