, perhaps the bigger message on the economy is around consumer spending priorities – travellers may be unhappy about what they have to pay, but they’re still flying in massive numbers.
Perhaps most interesting was his comment on conditions in rural areas, where 65 per cent of the group’s stores are located. Although Harvey expects some slowdown in 2023, he says the strong conditions in mining and agriculture will buttress the chain’s sales in the regions.is in a tougher spot, with gross sales in the first four months of the financial year down 38.2 per cent and the group posting a small loss for the period.
Yes and no. Certainly any drop in consumer spending will be related to a jump in mortgage payments, which is only getting started – Commonwealth Bank chief executive Matt Comyn says banks have only passed through about 50 per cent of the rate rises the RBA has delivered this year, and will. The peak in borrowers coming off very low fixed rates and shifting to much higher variable rates will occur at a similar time.