Australia is rebounding economically in the aftermath of what’s been a tumultuous year for many.
Across the country, there’s been a revival in spending across Australia, with retail trade rising 1.4 per cent month-on-month to October, which follows a fall of 1.1 per cent in September.
The latest data from the Australian Bureau of Statistics released on Friday showed retail turnover rising 7.1 per cent compared to October 2019 at the national level.
As the country attempts to bounce back from the economic downfall spurred on by the pandemic, NSW is rebounding more than other states across the country with total retail spending in the state surging 6.8 per cent during the three months to September.
“The reopening of physical stores in Victoria led to national rises for cafes, restaurants and takeaway food services, clothing, footwear and personal accessory retailing, other retailing, and department stores,” director of quarterly economy wide surveys Ben James said.
Victoria led state and territory rises at 5.1 per cent in October, while retail trade rose 1 per cent in Western Australia, 0.7 per cent in NSW and 0.6 per cent in South Australia, whereas the rest of Australia experienced a slight fall or relatively unchanged conditions.
Online sales made up 10.4 per cent of total retail turnover in October, compared to 10.6 per cent in September – an increased from online retail turnover at 6.6 per cent in October last year.
IG market analyst Kyle Rodda said the strength of the economic recovery speaks of the effectiveness of both the public health and economic response to the pandemic.
“If there’s one thing we’ve learned from global experience, it’s that the key to supporting the economy through this crisis is both big and bold economic stimulus, as well as maintaining confidence among the public that the virus remains under control,” he told news.com.au.
“I think we are all surprised the economy has held up as well as it has. Things were looking much worse 6 to 9 months ago,” he added.
While the unemployment rate across the country increased 0.1 per cent to 7 per cent for October, NSW recorded the lowest unemployment rate across the country, with the state’s unemployment rate falling to 6.5 per cent, down from 7.2 per cent the previous month.
Around 216,000 jobs were added in NSW since the low-point in May, and more than 36,000 jobs were added in October alone.
Across the nation, unemployment increased by 25,500 and the youth unemployment rate increased 1 per cent to 15.6 per cent.
“There remains a lot of challenges, and its going to take quite some time for the economy to recover fully, as restrictions on international travel stifles some of our export industries, and limits population growth,” Mr Rodda commented.
“However, thanks to good policy and a healthy dose of luck, Australia is currently in a good position to make…
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