Retail spending soars across Australia
The Brisbane Times reported that Queensland is leading the charge as retail spending soars across Australia. Queenslanders are spending on cars, holidays, hotels, motels and retail goods at the highest level in four years. Overall, according to a Commonwealth Bank business sales index report, spending at retail stores has consolidated over the past three months, rising 0.8% a month over the period, with sales up by 16.6% over the year to July 2018, the strongest annual growth rate in 12 years. The report notes that consumers are benefiting from retail deflation, low-interest rates, and job security.