Aussies have not stopped spending

Australians might be prudently paying down their credit cards a little (see yesterday's chunky bits) but they have not completely stopped spending.

Richard Farmer

Crikey political commentator

Steady growth continues. Australians might be prudently paying down their credit cards a little (see yesterday's chunky bits) but they have not completely stopped spending. Motor vehicle sales figures from the Australian Bureau of Statistics show continuing steady growth. The October 2011 seasonally adjusted estimate for new motor vehicle sales (88 182) increased by 1.1% when compared with September with the trend estimate increasing by 1.8%.

It is yet another economic indicator pointing to Australia continuing to do better than the rest of the developed world. Not so encouraging. Figures that are not so hopeful are today's from the Economic Research Department of the Federal Reserve Bank of San Francisco. The bank's research boffins have studied their tea leaves and determined that the odds are greater than 50% that the USA will experience a recession sometime early in 2012.

Free Trial

You've hit members-only content.

Sign up for a FREE 21-day trial to keep reading and get the best of Crikey straight to your inbox

By starting a free trial, you agree to accept Crikey’s terms and conditions

0 comments

Leave a comment

Share this article with a friend

Just fill out the fields below and we'll send your friend a link to this article along with a message from you.

Your details

Your friend's details

Sending...