Online shopping growing by 15% a year

Online spending in Australia has gone up by an average annual rate of over 15 per cent since 2005, new figures show.

The Reserve Bank's (RBA) latest quarterly statement on monetary policy revealed that debit and credit card spending online is growing faster than traditional card spending, which has increased by an average annual rate of nine per cent, the AAP reported.

It was noted that rising online spending on imported goods has been bolstered by the country's strong currency performance.

According to the AAP, the Australian dollar rose 0.25 of a US cent following the release of the RBA statement and reached 101.70 US cents this morning (February 4th).

Consumers aiming to boost their spending power could also choose to compare credit cards and other money products in search of the best options. The RBA data comes after a recent National Features report found that Australia is now one of eBay's fastest-growing international mobile markets.

Aussie shoppers spent more than $13 million buying items from the online auction site on their handsets in a single month last year.

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