Discretionary spending remains strong despite rate rises, with trade increasing by more than 25 per cent when compared to both this time last year.
, with trade increasing by more than 25 per cent compared with both this time last year and pre-pandemic levels, according to Mastercard.
Australian Retailers Association chief executive Paul Zahra pointed out that the country’s two largest states were in lockdown in August last year, making the significant growth compared with 12 months ago unsurprising. “It’s incredible to see retail sales perform so well in the face of cost-of-living pressures,” he said.“However, the coming months could prove to be more challenging, with household savings starting to erode and mortgage holders being squeezed even tighter.”
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