Senator the Hon. Mathias Cormann
Acting Treasurer and Minister for Finance
Date: Thursday, 9 January 2014
Australian retail trade and housing approval data for November 2013 provides further evidence that consumer confidence is returning to the Australian economy.
Data released by the Australian Bureau of Statistics today show that Australian retail trade grew by 4.6 per cent in the year to November, which is the strongest annual growth in three years in trend terms. This growth was led by buoyant trade in cafes and restaurants, as well as clothing, footwear and personal accessory.
Dwelling approvals numbers were also released by the Australian Bureau of Statistics today showing a 1.5 per cent fall in November approvals on a seasonally adjusted basis. However approvals for private houses were up 6.0 per cent in November. Approvals grew very strongly over the past year, up 22.2 per cent in aggregate. This is a good sign of a strengthening underway in the Australian residential construction sector.
These are all positive indications that consumers are growing more confident in the direction of the Australian economy.
While these are very positive signs, we are still dealing with an economy growing below trend and with unemployment, which is too high and trending up.
The Coalition will continue to implement our policies to build a stronger economy and create more jobs, removing barriers to growth by scrapping the carbon tax and the mining tax, reducing red tape costs for business and by improving productivity.
Karen Wu - 0428 350 139