Aussies dipping into their savings accounts more than last year

Monday 23 November 2009

Article by Mozo

Aussies are dipping into their savings accounts more than they were this time last year, according to a new report.

The Australian Bureau of Statistics has published figures that show people are spending $15 million more per day than this month in 2008.

Recovery has particularly been seen in the cafe and restaurant sector, according to the authority.

Year-on-year there has been a 23 per cent increase, whereas the 2007 to 2008 figures showed a 22.1 per cent drop, demonstrating a marked improvement.

Russell Zimmerman, executive director of the Australian Retailers Association told the Daily Telegraph the industry has remained buoyant because of special deals, such as free meals for customers and good staff management.

Meanwhile, Pedro Schneuer, manager of Coogee’s Barzura Restaurant said the past few months have been "crazy".

He told the news provider: "Everyone this year was talking about the economy affecting us but it has been quite the opposite."

Meanwhile, Margy Osmond, chief executive officer of the Australian National Retailers Association recently asserted that there may be more restraint this Christmas when it comes to dipping into high interest savings or paying for gifts on credit or debit cards.

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