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HS Brisbane Property
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+61 (0) 7 3254 0888
sales@hsbrisbaneproperty.com.au
PO Box 15301
Brisbane City East
Queensland 4002
Australia

An upward trend for the economy says leading commentator

The domestic economy is in good shape with the business conditions still above long-term averages, record high employment index, retail trade rising, and growth in retail trade, reports leading business and financial commentator, Peter Switzer.

 

Results of the July NAB business survey reports: 

  • The business condition index recorded +12.4 points (long term average +5.7 points). A slight drop down from the +14.1 points result in June.
  •  The business confidence index rose to +6.6 points (long-term average +6.0). A 20-month low of +5.6 points was recorded the previous month.
  •  The employment index had a new record high of +9.58 (long term average +1.7 points).  Mr. Switzer indicated that this index is an excellent gauge of how a business is travelling and their positivity for the future – their willingness to employ staff.

 

The average credit card debt grew by $56.40 in May to $3,251.30 which is an increase of 4.1% over the year. This is the strongest yearly growth rate in over 7 years. While some would say this is a negative, Mr. Switzer indicates this is a positive for some businesses as they would be beneficiaries of this spending.

 

Retail trade has witnessed three consecutive months of growth with 0.4% in June, 0.4% in May and 0.5% in April. Annual spending growth moved from 2.5% to 2.9%.  

 

In positive property and construction news, CommSec reported that council approvals for new homes were up 6.4% in June which is the greatest increase since January. A record rolling total of house approvals for Greater Brisbane has been logged – sitting at 14,715 for the 12 months to June.

 

Commsec also indicated a joint Westpac/Melbourne Institute survey recorded the best results in 4.5 years in regards to the consumer sentiment index, with growth grew of 3.9% in July to 106.1. The long term average of this index is 101.4, with a reading of above 100 indicating optimism.

 

Trade surplus for May increased from $725 to $1,873 million in June which was the 11th surplus in 13 months.

 

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