Consumer spending up in October 2008

Research conducted by the ABS revealed that retail spending improved surprisingly in October 2008.

According to the figures, retail spending rose by 0.7% seasonally adjusted in October 2008, compared to September 2008 to total $18.4 billion.

The slight improvement could have been the result of September and October’s combined 125 basis point interest rate cut and the substantial decrease in petrol prices.

The result has pushed annual retail spending growth to 2.2%.