The Recession Bullet

So, officially, Australia has dodged the recession bullet.

It seems like that stimulus package may have helped the suffering retail industry after all. Despite a decrease in total wage earnings of 1.2% for the March quarter in Australia, consumer spending has increased by 0.6%. A good result and enough to ensure that, technically at least, we are not in recession. Combined with the fact that household mortgage costs are down by a huge 31.6%, this must be good news for the retail sector. But only time will tell.

For more of the facts and figures take a look at this article from today's Australian Newspaper.