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Australian consumer confidence on the rise despite uncertainty

Xinhua, January 20, 2017 Adjust font size:

Australian consumer spending is on the rise, as uncertainty caused by Brexit and the upcoming inauguration of U.S. President-elect Donald Trump not impacting confidence as the markets had feared.

The Commonwealth Bank of Australia delivered their report on Friday, detailing the spending levels for the month of December, with an increase of 0.7 percent, and the strongest annual trend growth, 5.4 percent, in nine months.

Commonwealth Bank chief economist Craig James said consumers have more confidence now than they did just a few short months ago, adding "spending plans are healing."

"Go back six months and consumers and business were hit by Brexit fears and election inertia. With those issues out of the way, there is scope now for a recovery in spending, especially with interest rates and inflation both so low," James said in a statement.

Altogether 17 out of 19 sectors experienced increases in spending, with only mail order/telephone spending, down 3.2 percent, and retail spending, down 0.2 percent, taking a hit. Endit