Coalition win supports spending: Hockey

Consumers have returned to the shops amid growing confidence following the September 7 federal election, Treasurer Joe Hockey says.

Treasurer Joe Hockey

Joe Hockey says consumers have returned to the shops amid growing confidence following the election. (AAP)

An unexpected jump in retail spending is the result of confidence returning to the economy upon the election of a coalition government, Treasurer Joe Hockey says.

New data showed September retail spending growing by 0.8 per cent and double economists expectations.

Seasonally adjusted retail spending passed the $22 billion mark for one month for the first time.

It was the strongest monthly growth since February.

"Today's retail sales figures ... show that confidence is returning to the Australian economy in the lead up to and immediately after the coalition's election victory," Mr Hockey said in a statement on Monday.

"Consumers have now started taking their wallets out of their pockets."

Quarterly retail trade volumes were also up 0.7 per cent in the September quarter, a marked turn around from the 0.1 per cent fall in the previous three months.

Mr Hockey promised households would be better off under the coalition government by repealing the carbon tax while retaining the personal income tax cuts and fortnightly pension increases.


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Source: AAP


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