Spending data is painting a picture of a less than jolly festive season for the nation’s retailers.
Cash-strapped households are set to keep a tighter rein on their Christmas spending this year and hunt out early sales, as inflation and high interest rates crunch shoppers’ budgets for presents.
Chalmers said the government was helping those who need it most through energy bill relief, cheaper prescriptions and childcare, and the increase in commonwealth rent assistance, but he conceded the coming months would be difficult. “Labor’s economic mismanagement and broken promises are leaving Australians to pay the price, and unfortunately, I think it’s going to be a hard Christmas for many households this year.”The household spending forecasts set the scene for fierce competition for consumer dollars and a trading period marked by heavy sales promotions and deals to entice shoppers.
KPMG chief economist Brendan Rynne said the ABS figures show people were having to work out how to pay higher petrol prices and were doing so by spending less on takeaway food or spending less on other non-essentials.
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