Resurgent retail spending, particularly in Victoria, as well as a steady drawdown of $60 billion in existing household savings, is setting up a strong December quarter GDP that will rocket Australia further out of the COVID-19 recession.
The first retail figures since the tapering of the $101 billion JobKeeper and JobSeeker programs on September 30 clearly show the tightening in fiscal settings has not held back the recovery.
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Matthew Cranston was The Australian Financial Review’s United States correspondent.
