Australian consumers pick up spending pace

Australians stepped up their spending in October, with a year-on-year gain of 4.1% reversing September's drop of 1.4%, boding well for holiday shopping. "There has been continued focus on rising property prices and high auction clearance rates in some capital cities, which can have the effect of boosting consumer confidence and spending," said Commonwealth Securities chief economist Craig James.

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Herald Sun (Melbourne, Australia) (tiered subscription model), The

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