Confidence returns to Australian economy by retail sales figures

The latest retail sales figures from the Australian Bureau of Statistics (ABS) showed that confidence is returning to the Australian economy in the lead up to and immediately after the coalition's election victory, Treasurer Joe Hockey said in a statement Monday. This latest data from the ABS showed that September retail spending grew by 0.8 percent and was to be 2.9 percent higher through the year. This monthly result was above the median market expectations of a rise of 0.4 percent. And quarterly retail trade volumes were also up 0.7 percent in the September quarter, to be 2.2 percent higher through the year. Again, this was well above median market expectations of a rise of 0.2 percent. Hockey confirmed that Australian consumers have now started " taking their wallets out of their pockets". "This result reflects the responsible, careful and methodical approach of the coalition in government," Hockey said in the statement. "Households know that they will be better off under the coalition government." And he also emphasized the new government has already unveiled draft legislation to repeal the carbon tax and retain the personal income tax cuts and fortnightly pension increases. "Repealing the carbon tax will leave families, on average, 550 Australian dollars (522 U.S. dollars) better off next financial year," he added.