Consumers are spending more during the Omicron outbreak than they did during the worst of the Delta wave of the coronavirus last year, according to federal advice that suggests the economy will withstand the latest threat.
Treasurer Josh Frydenberg said the early data from the major banks suggested the broader economy was not facing the crisis some portrayed, although labour shortages and other upheavals were proving to be immensely challenging for business. “More investment means more jobs and that’s exactly what we are seeing right across the country with the unemployment rate falling.”as a danger sign for the economy, the government is under pressure to defend its economic management ahead of the resumption of Parliament on February 8, the federal budget on March 29 and the election due by May.Mr Chalmers said the economy was “hostage” to government failures including the shortage of rapid antigen tests and the rollout of booster vaccine shots.
”When Labor were last in office, non-mining investment fell 10 per cent and reduced to its lowest share of the economy on record, whereas it has grown 35 per cent under the Coalition despite the greatest economic shock since the Great Depression,” the Treasurer said.for spending or investment, with household cash savings about $210 billion higher and business cash holdings about $150 billion higher than before the pandemic.
No money on a dead planet
Hahahaha i just saw a polkadot pig with yellow wings eating blue oranges while flying pass a giant ant made of marshmallow Vegemite. I too can embellish the truth and i work in retail I’m actually on the ground floor information wise of the Domicrom wave.
😂
Rubbish the shops are empty
How can we be spending more when there is nothing in the shops
Probably buying food, pharmacy and RATs in bulk if they can afford it. All local businesses near me suffering.
7.8% more than lockdown Journalism is far too generous to describe this trash
I wanted to do lots of nice things over the Summer holidays, but instead I'm staying home and not spending money.
We’re spending it on price gouged RATs
I work at one of Australia's largest conglomerates. During lockdown they made huge increases in sales. This past month has been the worst sales in 25 years,.
Funeral companies are doing well, Josh. Did you take that into account and add it in to your (t)rusty figures?
Christ on a bike, a lot of stores and shopping centres - including Myer - were closed during the Delta lockdown. Of course consumer spending is up - the shops are open. Third last par: “Consumer sentiment fell by 2 per cent in January”. Auspol Obtuse GovernmentPR
Lies, lies and more lies from Frydenburg.
Frydenberg trying to convince us death and sickness is good for the economy, with the assistance of our complicit media of course.
Must be spending on RATs is up….🤔🤔
Lies
Long queues for PCR testing and no access to RATs which hurt employee and employer interests alike in recovery will make the quiet Australians think very carefully come election time ?
Maybe people are realising how much 💰 they waste on material possessions
Based on the major shopping centre near me, spending is way down. Car park which is usually full is empty.
I've noticed lots of expensive new cars around. Some have lots of money to spend.
Switch off from the age Waste of time
bullshit
Then stop effing whingeing
More lies from the Feds, whats new?
The same banks this Fed Govt were forced into doing a Royal Commission on? Peter Costello run CH9 owned with no bias reporting here!
BS
Does that reflect consumer spending on RATs?
Mind conditioning. Pack of lies.
Bs we see you
Is that because they are spending more on RATs and medical supplies for themselves?
When thousands are paying $50 a RAT, that's bound to show increased spending
But from where though Online?
It’s all good then, at least in Josh’s head.🤨😑
Strange... and yet most businesses (especially those you had splashed over your paper from cover to cover bitching during lockdowns), are now saying business is WORSE now than during the official lockdowns. Are you sure you’re looking at the right spreadsheets Josh 😏
'ANZ Bank has revealed Australians have been spending money at record lows in the New Year, with spending levels in the nation’s two biggest cities resembling those seen during last year’s Delta-prompted lockdowns.'
Cant be spending more money - theres nothing on the shelves to be buying. I call bullshit!!
Based on bank transactions. It's possible that we're spending more in hospitality than $0. Whereas retail has been hit hard. The difference? Delta had support payments for businesses and workers in hospitality.
Frydenburg is clutching at straws. The Fed Gov has failed us.
We see the lies.
JoshFrydenberg Has given Australia record debt just another failed Liberal LNPfail
Omicron hit at xmas when people always spend more money. So this doesn't mean anything.
Or it's just because it's the holiday period
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