Over 45% of businesses are more confident with Malcolm Turnbull as prime minister, with only 11% less confident, according to a new report from local services marketplace, ServiceSeeking.com.au. Many retailers back this report as they told Appliance Retailer that the change in leadership brought them relief and hope.
The significant Government Ministerial re-shuffle in the critical portfolios of Small Business and Communications over the weekend has been welcomed by the Australian retail industry. ARA executive director, Russell Zimmerman, has pointed to the lift in confidence expressed last week by the business sector as echoing the government’s commitment to issues including GST collection on overseas purchases and the possibility of reform of competition policy.
Despite the mild 0.2% lift in spending in August, in comparison to 0.4% growth in July and 0.5% in June, the Australian economy is still in good shape and continuing to grow, according to CommSec chief economist and author of the BSI report, Craig James.