The Federal Government’s $2.3 billion household assistance package is already having an impact across the economy. Retail spending recorded a healthy 0.5% rise in May, but more importantly, it was the boost in non-food spending that was even more encouraging.
Non-food spending rose by just shy of 1% in the month, taking the annual rate to a near two-year high. Electrical, footwear, liquor, newsagents, and cafes, restaurants and takeaway food retailers have done best by far with robust sales over the month.
But while the government deserves credit in providing a timely boost to spending, it is only part of a much bigger story.
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