Cashed-up consumers keep the economy afloat
The Morning Edition
English - March 03, 2022 02:59 - 21 minutes - 19.3 MB - ★★★★ - 14 ratingsBusiness News News Business Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
A consumer-led spending surge after last year’s Delta-lockdowns has recouped all of the economy’s coronavirus losses, according to the latest national accounts figures.
The Australian economy expanded by 3.4 per cent through the final three months of 2021, while household spending increased by 6.3 per cent.
Australians are saving more than before the pandemic, putting aside more than 13 per cent of their pay packets.
But cost of living pressures are real - wages grew by 2.3 per cent in the year to December, while inflation’s up by 3.5 per cent in the same period.
Today on Please Explain, Bianca Hall is joined by senior economics correspondent Shane Wright.
Subscribe to The Age & SMH: https://subscribe.smh.com.au/
See omnystudio.com/listener for privacy information.
A consumer-led spending surge after last year’s Delta-lockdowns has recouped all of the economy’s coronavirus losses, according to the latest national accounts figures.
The Australian economy expanded by 3.4 per cent through the final three months of 2021, while household spending increased by 6.3 per cent.
Australians are saving more than before the pandemic, putting aside more than 13 per cent of their pay packets.
But cost of living pressures are real - wages grew by 2.3 per cent in the year to December, while inflation’s up by 3.5 per cent in the same period.
Today on Please Explain, Bianca Hall is joined by senior economics correspondent Shane Wright.
Subscribe to The Age & SMH: https://subscribe.smh.com.au/
See omnystudio.com/listener for privacy information.