Australian consumers are cutting back on their retail purchases, according to the latest data from the Australian Bureau of Statistics (ABS).
 
Consumers did $35.8 billion of retail spending in October, which was 1.5% higher than the previous year. However, prices rose 4.9% in the year to October (see story later in the newsletter), which suggests consumers bought fewer products.
 
A similar trend is playing out in the wider economy, with the ABS reporting that the economy grew 0.2% in the September quarter – slower than population growth (0.7%). As a result, GDP per capita actually fell 0.5% in the September quarter.
Given the challenging economy, this might be a good time to secure cashflow finance or to see if you can refinance an existing loan to a lower interest rate. I can help you with both things. Reach out to discuss your scenario.
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