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Australian Economy Shows Signs of Recovery After a Brief Decline

September 2013, 21
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Economic spending in Australia showed signs of improvement in August and is expected to improve further as the much hyped elections are over and a new leader has been chosen by the public. Sales figures have increased by almost 3.0% in the previous month, after dropping by almost 1.9 % in the month of July, as per Commonwealth Bank Business Sales Indicator.
Australian Economy Immigration Visa
Overall consumer spending increased by almost 0.3%, it is the slowest growth rate in the last 11 months. CommSec chief economist Craig James stated “the index, which keeps a watch on spending by companies, consumers and government, should be taken positively from an economic viewpoint.” Mr. Craig also adds "Although the latest figures suggest consumers are still wary about spending, the broader economic climate in the country is not so sluggish".
Although, consumer confidence has improved after the recent elections while both interest rates and unemployment remain all-time historically low. Many financial analysts are predicting that they expect to see an increase in consumer spending in a short time from now as we now have a new leader heading Australia.
According to new figures, the amusement and entertainment sectors have had the strongest sales, up by almost 6.5% on the contrary the biggest losers were noticed in utilities, but we have to blame the unusual weather for this, said a general manager in a leading Australian banking firm. Few of those industries that have experienced a decline in sales, such as utilities, have been impacted particularly hard by the unusually warm winter, rather than any long-term economic trends.

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