Qld: Household spending to rise in late 2009: QIC
24 Feb 2009 6:07 PM
BRISBANE, Feb 24 AAP - Australian households should start spending more towards the end of this year, Queensland Investment Corporation chief executive Doug Taggart says.
Dr Taggart says there's likely another two quarters of bad economic news to come, but after that spending should begin to increase.
"When the bad news stops, households start to spend, and we've probably got about another two quarters of bad economic news to come," he told the Queensland Media Club.
"When the bad news slows, consumers will re-emerge from their foxholes and will start to spend."
The future was also looking better for Queensland's tourism industry after the drop in the Australian dollar, which sits at 64 US cents after reaching a peak of 98.49 US cents in July 2008.
"People can afford to come to Australia now," Dr McTaggart said.
AAP ahe/pjo/tnf/mo
