Apparently, we spent a bit less in the last quarter of last year compared to the one before. But don’t stress, it’s not as bad as it sounds. The experts thought we’d spend even less, so the fact that we only spent a little bit less is actually a good thing. And yeah, it might have a tiny impact on our economy, but we’ve got this!
One thing that could be contributing to this dip in spending is the rise of online shopping. More and more of us are opting to do our shopping from the comfort of our own homes and this trend doesn’t look like it’s slowing down anytime soon. In fact, a recent study showed that e-commerce sales in Australia are expected to go through the roof in the next few years.
And here’s something that might make you feel better about this whole situation. The prices of the things we bought went up at a slower pace than usual in the last quarter of last year. This could mean that the Reserve Bank of Australia’s policy tightening is finally starting to have an effect on our spending habits, which is a good thing in the long run. They just want us to spend our money wisely, so we can have a strong and stable economy in the future.
And talking about the Reserve Bank of Australia, they’re having a meeting today and it’s expected that they’ll change the interest rates. This might make borrowing money a bit more expensive, but it’s all for the greater good. They just want us to spend our money wisely, so we can have a strong and stable economy in the future.