| Australian Spending On the Increase! |
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"AUSTRALIANS' credit card balances are worth just over $50 billion, the highest ever, as the consumer love affair of spending shows no signs of ending." This latest news was a clutch point for me as my friend and I had an argument the other day on Australian spending. This news gave me a valid point to make, as I had argued with my friend (working for TC World Ltd), that Australians spends too much of what they earn. The report came in the online news of "The Australian". New figures published by the Reserve Bank showed that balances tipped over $50 billion for the first time in November last year. The RBA numbers show that there are more than 15 million credit card accounts in Australia up from 14.7 million just one year ago. During November, consumers spent $21.1 billion in 147 million individual transactions. Although, Australians paid $21.4 billion off their debt but there was still $36.2 billion accruing interest. The increased spending levels come despite recent figures showing that retail sales in Australia were flat during November in the lead up to Christmas.
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