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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ongoing NSW lockdown, the ins and outs of the COVID-19 Disaster Payments, and how Brisbane’s successful Olympics bid could impact equities and property.

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Steve Waters, director of Right Property Group, chats about the impact of the lockdowns on the property market, what the 2032 Olympics could mean for Brisbane’s market, and whether APRA might need to pull the handbrake to cool house price growth.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into how the Olympics and other major events affect stock returns and what the implications are for investors.

And lastly, tax and super guru Timothy Munro talks about the near-record super returns, the COVID-19 Disaster Payments and what they mean for your super.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Retailers reap benefits of Black Friday sales

By Cameron Micallef

December 10 2019
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Retailers reap benefits of Black Friday sales

By Cameron Micallef
December 10 2019

The Reserve Bank of Australia has received an early Christmas present, with significant spending growth during the recent four-day sales, according to the latest credit data.

Retailers reap benefits of Black Friday sales

By Cameron Micallef

December 10 2019
Share

The Reserve Bank of Australia has received an early Christmas present, with significant spending growth during the recent four-day sales, according to the latest credit data.

Early credit card spending data from the Commonwealth Bank indicated that Australian retailers experienced an especially good Black Friday this year, with shoppers taking advantage of discounted prices.

The spending uplift seen across retail goods on Black Friday, as well as Cyber Monday, more than doubled this year in comparison with last year, with well-above average sales across the whole weekend.

“A sample of our credit card data shows that retail goods spending lifted around 87 per cent on Black Friday compared to the average spend in the three weeks prior,” said Commonwealth Bank senior economist Kristina Clifton.

By category, online spending in department stores and electronic goods retailing rose by 238 per cent compared with the average November daily spend, while in-store spending was up by 153 per cent.

“Online clothing sales rose by 146 per cent, and in-store clothing sales rose by 52 per cent. Home furnishings and equipment spending was up by 116 per cent online and 33 per cent in-store.

“Not surprisingly, food and liquor posted smaller rises than the other categories both online and in-store,” Ms Clifton added.

However, it is not all good news for the Australian economy, with the usual December uptick in sales potentially already spent.

“It’s likely that consumers brought forward some of their usual Christmas spending to November or early December to make the most of the discounts,” Ms Clifton said.

The economist also said it could be the impact of July’s tax cuts, with consumers waiting for the right time to spend their rebates.

“It may also prove the case that some consumers had been holding on to their tax rebates to spend in the Black Friday sales,” Ms Clifton concluded.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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