Sydney, March 20 (IANS) Australian consumers are becoming more confident, with spending rising again in February, according to the Commonwealth Bank’s Business Sales Indicator (BSI) released Wednesday.
The BSI showed consumer spending lifted by 0.2 percent in seasonally-adjusted terms in February, after rising by 1.9 percent in January, reported Xinhua.
The bank’s broking subsidiary CommSec chief economist Craig James said the rise was another sign of a positive economic start to the year.
“We are, undoubtedly, in a better position than we were this time last year,” he said Wednesday.
“We have seen consumer spending respond in line with positive economic indicators, and this is contributing to the formation of back-to-back spending gains.”
The BSI is a key measure of economy-wide spending, tracking the value of credit and debit card transactions processed through Commonwealth Bank point-of-sale terminals.