Retail in Asia

In Markets

Budget won’t spark spending spree, says Australia’s retailers

Australia’s major retailers don’t expect the budget handouts to send consumers into stores buying discretionary goods.

Coles Chief Executive Ian McLeod said that if you add the funds from the budget with the interest rate cuts delivered by the Reserve Bank it will provide a AUD7 billion (USD7.04b) to AUD8b stimulus to consumers but he believes that most will be put into savings or paying down debt.