Aussies reject saving to spend up big
Treasury estimates that Australians will save just thirty per cent of their economic stimulus payments now being paid to low and middle income families, pensioners and carers. The National Party's Senate leader, Barnaby Joyce, criticised the Government stimulus package as naive. "Instead of long-term employment on infrastructure projects, we will have imported plasma TVs," he said. A National Association of Retailers study found that consumers intended to spend about half of the payments while the latest national accounts figures showed that Australians were spending 96 per cent of their incomes and saving only 4 per cent.
Source: Sydney Morning Herald