Walk The World
The latest preliminary retail spending figures from the ABS for July 2022 were stronger than expected, showing that despite weaker consumer confidence they are still spending. That said, the data is not inflation adjusted, and the mortgage rate hikes had hardly begun to flow through.
It does leave the RBA open to biggest (50 basis point) rate hikes in September.
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Caveat Emptor! Note: this is NOT financial or property advice!!
The party must go on, until the lights come on and the stereo is confiscated
So no excuses the useful idiot Philip Lowe can go 1% rate rise in September no excuses
RE Agents skulking around our area door knocking and harassing people….yep things are BAU
It says 20 comments, only 4 showing, who deleted the comments????????????
The ABS should produce statistics of "People sleeping on the Streets per suburb" and "People begging for money on the Streets" based off CCTV camera data. The line chart taken from the data should be superimposed over the Unemployment Rate chart.
The other factor to also consider is that in July/ August people will be getting their tax refunds (eg. LMTA) which was promised in the May election and still working their way through the economy.
I got so happy when I saw this data. Spend, people, spend spend spend!!! Keep the cash rate rising!
It’s completely nuts. Everything is getting more expensive and they celebrate increase in sale, of course it would be a record sale when everything is record high!
: "An Epic Age"
so maybe the treasurer and the reserve bank was correct…. There are plenty of savings form the pandemic payouts….
But
If inflation is up, does the retail spending assessed by dollar values spent and adjusted per inflation?
If not people are buying less but paying much more for it.
Not sales but cash collected and includes huge inflation
Stimulus money still flowing !
Spend, spend, spend, for tomorrow will be fine and sunny.
If it does rain, Albo and the gang will look after you by selling Australia to the Chinese.
Let the good times roll !
Like to know how much of this spending is on credit … not real money … spend happy people are going to take some time to change their spending habits acquired over the last decade . Lets see what the numbers show in several months …. how much credit debt is there ???
We baby boomers are cashed up and spending , the interest rate rises aren't affecting us , ironically it's giving us more money to spend , trying to bring inflation under control using the old methods of interest rate rises, won't work, we are living in a new financial world . Our old capitalist financial system is no longer fit for purpose.
Of course young people are still spending, what else are they going to spend their money on ?. They've been priced out of the housing market, so they are just buying others things. This is the financial system that our governments have created, this goes back to John Howard's days when he said his policies will make a lot of people wealthy, and it did , and this is the result.
Quite simply spending has to be crushed. Persuasion has failed. Punishment is required. It’s not as if this logic is concealed in a secret document crafted by those ‘Central Planners’ is it?
Yeh, by Christmas it will hit home hard! January is pay up time for your explosive credit card! 😱⚠️
Interest rates haven’t hit yet, they’re watching a tsunami that’s out in the ocean, but when it hits shore it’s a disaster! 🌊
The fingernail and toenail shop was packed when I walked past recently.
A friend back from the Gold Coast was amazed at the numbers dining out.
The money keeps rolling through the system.
I believe now the rba by the time it’s finished rates will be pushing 6 to 7 percent… loan rates easily 9 percent.
Vic Park in WA was pumping Sat night.
I own two supermarkets and two liquor stores, all in different suburbs, all different demographics. We record our sales weekly and have monthly P&L's. I have been doing this since 1990. These figures are completely the opposite to what I am seeing in my own stores. I've never seen anything like this and I'm more fearful than I've ever been. I'm glad I'm debt free.
Its turnover based. If the price has gone up 10-20% per item, the turnover goes up, it doesnt mean theres more being purchased
And Christmas came early!
Elderly are a big number, with people dying like flies and war around the corner loss of everything is here. The banks and government, Billionaires are rubbing their hands together. Have you got your will in order? They are hoping you don't. Do you have anyone to leave your assets to? They are and know many don't. War and forced recession after the forced pandemic is a very evil way to take the whole world into the new world order. Many are not ready or prepared. Good luck and stop wasting your time. Tic toc.
So non inflation adjusted looks bullish, though the inflation adjusted figures will not be so rosy. Though if they were using a true rate of inflation then they would be panicking.
Thanks Mr. Martin. Car traffic overall in the Parramatta area is up and down like a yo yo…Supermarkets at times are quiet…no prizes for that one!
The problem is that the banks have been super slow to increase repayments. My mortgage repayments have only increased to reflect the first rate rise this year. I'm with CBA. I know of other people who are with other banks who are in varied stages of repayment increases, but hardly anyone I know has had the full raft of rises baked into their repayments.
They can't even be bothered to lie properly anymore
I just went shopping at woollies.. Chicken uo $6.50, T bones up $5.00…Avo bags up $2.50. The point is everything across the board is $2.00 – $5.00 on everything. 1st time in a long time I actually thought what I needed to buy and left the NOT NEEDED on the shelf. Still cost me $150.00..
Crazy how Aussies are still so insanely rich. *excludes airline staff of course!
Buying bulk now before prices rise further! Cosco is booming with fools who think they're getting a bargain LOL
Credit tightening is not at full throttle wait another two months