release time:

2014-01-30 18: 53: 14

source:

Australia Daily

Editor in charge: Catherine

According to ANZ's quarterly "Corporate Sales Trend Report", low interest rates and the depreciation of the Australian dollar have boosted the confidence of Australian companies and encouraged them to open their pockets and increase spending.


ANZ’s quarterly report shows that in 2013, Australian companies’ spending jumped by 3.9%, mainly due to low interest rates and the weakening Australian dollar. Mark Whelan, General Manager of Corporate and Commercial Banking at ANZ, said: "The overall confidence in the market has improved. We are more optimistic than at any time since the global financial crisis. We believe that such a good situation is likely to continue."


Whelan pointed out: “There is no doubt that the Australian economy is currently transitioning to the post-mining era. We see that the situation in other economic sectors has begun to improve, such as the housing market and housing construction. This is reflected in sales data and business confidence.”


ANZ pointed out that the improvement of small businesses is the most obvious, which is mainly due to the strong growth in sales and loans, and this is also a positive sign of employment. Investment in the high-end market is also picking up, and the situation in the mid-market is still sluggish, but the market is showing signs of improvement.


Justin Fabo, head of ANZ’s Australian Economics Department, said that the retail sector outperformed the non-retail sector in the fourth quarter of 2013, which may benefit from the substantial depreciation of the Australian dollar. Since April last year, the exchange rate between the Australian dollar and the US dollar has plunged by 4%, which undoubtedly encourages Australians to shop in local physical stores rather than online.


At the same time, Fabo believes that low interest rates have also increased family income. "The benefits of the devaluation of the Australian dollar to the transportation, accommodation and entertainment sectors may take some time to be revealed. The current sales in these sectors are still relatively weak, but we expect that this weak trend will be reversed in the near future." Whelan pointed out. , The tourism industry has benefited from the weaker Australian dollar.

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