CBA: Best reading for over a year for Aussie credit and debit transactions
The Commonwealth Bank Business Sales Indicator was largely unchanged in trend terms throughout December, it has been revealed.
The Commonwealth Bank (CBA) Business Sales Indicator (BSI) has recorded its best reading for more than a year.
It is positive news for retailers in Australia as the BSI tracks the value of Aussie credit and debit transactions through the financial organisation's point-of-sale terminals.
The result was mainly unchanged in trend terms but there was good news for firms.
Craig James, chief economist of the bank's broking subsidiary CommSec and author of the BSI, pointed out this result was particularly positive because there was some activity in New South Wales and Queensland in December.
He said: "While growth in economy-wide spending remains elusive, the good news is that the majority of industry sectors are still expanding rather than contracting."
What's more, Mr James stated December 2009 saw the BSI decrease in terms of a trend basis, while executive general manager of local business banking at the CBA Matt Comyn noted Retail Stores has now experienced its fourth consecutive rise as it increased by 0.5 per cent in December.
He added: "We must also remain mindful of the impact of the recent flooding on small businesses operating in affected communities across Australia."
And this natural disaster has led many financial organisations to pledge money to flood relief, as well as produce emergency packages for those affected.
Some of services provided by the banks have included extensions to credit card limits, as well as waiving charges on the withdrawal of term deposits.
Mr Comyn stated: "There will undoubtedly be negative short-term effects on business activity including continuing supply-chain disruptions and a tightening on cashflow."
This comes after the CBA revealed in December there were positive signs for companies, despite continued negative spending growth in its last BSI.
It fell for the 12th month in a row in November, but Mr Comyn pointed out the declines recorded by the BSI had been getting lower.
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