Fed:Job fearing consumers wind back credit card debt
20 Mar 2009 2:39 AM
The latest consumer figures show Australians are putting off buying a new car and foreign goods .. and would rather pay off their credit card debt than rack up more.
Reserve Bank assistant governor MALCOLM EDEY says Australia is being affected by the very severe global economic downturn .. and can't avoid some more weakness this year.
Data released shows credit card spending is down 21 per cent within one month .. as many wonder how safe their job is.
But Mr EDEY says Australia is fortunate to have come into this period in better shape than most .. with sound financial institutions and with more scope than most for macro-economic policies.
AAP RTV cb/kms/wz/psm/
