Retail spending rises

October 6, 2022 2:53 am in by

Retail turnover for August went up 2.2% in Tasmania, the largest jump in Australia in new ABS data.

At just over $700 million, it’s 7.2% up on the same time a year earlier.

Largest rises in spending in the state were seen in households goods, and cafes, restaurants and takeaways.

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Treasurer Michael Ferguson is hailing the result.

“Today’s retail data comes hot on the heels of other strong economic performance data in Tasmania, including recording 8.3% growth on new dwelling approvals in the year from August 2021, indicating our plan to increase housing supply and make it easier to build your own home is working.

This coincided with yesterday’s announcement that Tasmania had the strongest new loan commitments in the country which demonstrates Tasmanian borrowers have the confidence in our economy to secure a home loan, despite rising interest rates.”