Aussie consumers spending more after rate cut and budget announcement

Aussie consumers have had a positive reaction to the RBA rate cut and the announcement of the Federal Budget 2015, by increasing their spending. The ANZ-Roy Morgan Consumer Confidence report said that consumer confidence had jumped 3.6% last week to 114.6 to the highest level since early November.
- Six weeks till EOFY - Read these six tips to max your claims
According to the Commonwealth Bank’s latest Business Sales Indicator (BSI), nationwide consumer spending grew at a healthy rate in April. Sales are reported to have grown by 0.4% in trend terms in April, following gains of 0.5% in February and March, and annual growth is well above the 5.5% long-term trend rate at 6.4%.
“The good news for businesses is that people are out there spending. With new tax breaks for small businesses announced in the Federal Budget, there’s now a fantastic opportunity for business owners and leaders to capitalise on that mood by investing back in their business,” said Ms Claire Roberts, Executive General Manager, Local Business Banking, Commonwealth Bank.
“Continued strength in the housing market and the recent rate cut have given consumers the confidence to spend, as the latest BSI indicates,” said Mr Craig James, Chief Economist at Commonwealth Bank’s broking subsidiary CommSec.
He further added that we can expect this sales growth to continue at a healthy rate throughout 2015, as measures from the recent Federal Budget trigger a surge in business investment and the global economic outlook improves.
This consumer optimism comes just in time for the EOFY sales, giving businesses the opportunity to ride high on the wave of favourable economic conditions for sales growth.
ANZ Chief Economist Warren Hogan said, “The initial positive reaction of Australians to last week’s Budget is great news for the economic outlook. In contrast to last year’s Budget, consumer sentiment has risen in both the lead-up to and the immediate period after Budget night. The 3.6% weekly rise in measured confidence is almost twice the average weekly move of 2.0%, which indicates to us that the Budget impact has been strongly positive.”
Credit card comparisons on Mozo - last updated 8 December 2023
-
NAB Low Rate Card - Balance Transfer Offer
Spend with confidence with a low 12.49% p.a. variable purchase rate and 0% p.a. interest on balance transfers for the first 28 months (T&Cs apply). 2% balance transfer fee applies. There’s also up to 55 interest free days on purchases to help you manage your budget better when you make minimum repayments. Minimum credit limit $1,000. No annual fee for the first year (usually $59).
Purchase rate
12.49% p.a.Balance transfer rate
0% p.a. for 28 months and then 21.74% p.a. (2.00% balance transfer fee)Annual fee
$59 $0 in the first yearRewards program
-CompareCompareLow Rate Card - Balance Transfer Offer
Spend with confidence with a low 12.49% p.a. variable purchase rate and 0% p.a. interest on balance transfers for the first 28 months (T&Cs apply). 2% balance transfer fee applies. There’s also up to 55 interest free days on purchases to help you manage your budget better when you make minimum repayments. Minimum credit limit $1,000. No annual fee for the first year (usually $59).
- Purchase rate
- 12.49% p.a.
- Balance transfer rate
- 0% p.a. for 28 months and then 21.74% p.a. (2.00% balance transfer fee)
- Annual fee
- $59 $0 in the first year
- Rewards program
- -
- Purchase rate
- 12.49% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- 0% p.a. for 28 months and then 21.74% p.a. (2.00% balance transfer fee)
- Cash advance
- 21.74% p.a.
- Interest free days on purchases
- 55
- Intro fee
- 0.0
- Foreign exchange margin
- 3.00%
- Annual card fee
- $59 $0 in the first year
- Late payment fee
- $15.00
- Cash advance fee
- 3%, Min $3
Read our Mozo Review to learn more about the NAB Low Rate Card - Balance Transfer Offer
-
American Express Qantas Ultimate Card
Receive 60,000 bonus Qantas Points when you apply online, are approved, and spend $3,000 on eligible purchases on your new Qantas American Express Ultimate Card within the first 3 months of your approval date. T&Cs apply. Available to new American Express Card Members only.
Purchase rate
23.99% p.a.Balance transfer rate
No current offerAnnual fee
$450Rewards program
Qantas Frequent FlyerCompareCompareQantas Ultimate Card
Receive 60,000 bonus Qantas Points when you apply online, are approved, and spend $3,000 on eligible purchases on your new Qantas American Express Ultimate Card within the first 3 months of your approval date. T&Cs apply. Available to new American Express Card Members only.
- Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Annual fee
- $450
- Rewards program
- Qantas Frequent Flyer
- Purchase rate
- 23.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- 44
- Intro fee
- -
- Foreign exchange margin
- 3.00%
- Annual card fee
- $450
- Late payment fee
- $30.00
- Cash advance fee
- 2%, min $2.50
Read our Mozo Review to learn more about the American Express Qantas Ultimate Card
-
American Express Velocity Platinum Card
Receive 60,000 bonus Velocity Points when you apply online, are approved, and spend $3,000 on eligible purchases on your new Card within the first 3 months. T&Cs apply. Available to new Card Members only.
Purchase rate
23.99% p.a.Balance transfer rate
No current offerAnnual fee
$375Rewards program
Velocity Frequent FlyerCompareCompareVelocity Platinum Card
Receive 60,000 bonus Velocity Points when you apply online, are approved, and spend $3,000 on eligible purchases on your new Card within the first 3 months. T&Cs apply. Available to new Card Members only.
- Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Annual fee
- $375
- Rewards program
- Velocity Frequent Flyer
- Purchase rate
- 23.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- 55
- Intro fee
- -
- Foreign exchange margin
- 3.00%
- Annual card fee
- $375
- Late payment fee
- $30.00
- Cash advance fee
- 2%, min $2.50
Read our Mozo Review to learn more about the American Express Velocity Platinum Card
-
American Express Qantas Discovery Card
Earn 1.75 Qantas Points on eligible Qantas products and services per $1 spent (T&Cs apply). Enjoy $0 Annual Card Fee. Get the security of Card Refund and Purchase Cover. Up to four additional Cards at no extra fee. Redeem your points for Classic Flight Rewards (T&Cs apply).
Purchase rate
23.99% p.a.Balance transfer rate
No current offerAnnual fee
$0Rewards program
Qantas Frequent FlyerCompareCompareQantas Discovery Card
Earn 1.75 Qantas Points on eligible Qantas products and services per $1 spent (T&Cs apply). Enjoy $0 Annual Card Fee. Get the security of Card Refund and Purchase Cover. Up to four additional Cards at no extra fee. Redeem your points for Classic Flight Rewards (T&Cs apply).
- Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Annual fee
- $0
- Rewards program
- Qantas Frequent Flyer
- Purchase rate
- 23.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- 44
- Intro fee
- -
- Foreign exchange margin
- 3.00%
- Annual card fee
- $0
- Late payment fee
- $30.00
- Cash advance fee
- 2%, min $2.50
Read our Mozo Review to learn more about the American Express Qantas Discovery Card
-
American Express Explorer® Credit Card
Receive 50,000 bonus membership rewards points when you apply online, are approved, and spend $4,000 on eligible purchases on your new card within the first 3 months (T&Cs apply). New Card Members only. Complimentary domestic & international Travel Insurance (T&Cs apply). Up to 55 days interest free on purchases. $395 annual fee.
Purchase rate
23.99% p.a.Balance transfer rate
No current offerAnnual fee
$395Rewards program
Membership RewardsCompareCompareExplorer® Credit Card
Receive 50,000 bonus membership rewards points when you apply online, are approved, and spend $4,000 on eligible purchases on your new card within the first 3 months (T&Cs apply). New Card Members only. Complimentary domestic & international Travel Insurance (T&Cs apply). Up to 55 days interest free on purchases. $395 annual fee.
- Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Annual fee
- $395
- Rewards program
- Membership Rewards
- Purchase rate
- 23.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- 55
- Intro fee
- -
- Foreign exchange margin
- 3.00%
- Annual card fee
- $395
- Late payment fee
- $30.00
- Cash advance fee
- 2%, min $2.50
Read our Mozo Review to learn more about the American Express Explorer® Credit Card
^See information about the Mozo Experts Choice Credit Card Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.