Good News – Melbourne features well in rankings of high tourist spending. The Mastercard index of global destination cities says visitors will spend $7.64billion in Melbourne which ranks ahead of other regional hubs like Kuala Lumpur and Shanghai. Melbourne is considered one of the hotspots of international tourism spending growth.
Bad News – Respected economic analyser, Deloitte Access Economics, has confirmed that consumers have continued their spend less/save more trend into 2011. In fact Australia’s saving rate which was 2.3% prior to the GFC, and went up to 10.2% in 2010, has now been measured at 11.5% in the first quarter of 2011.
Better News – Deloittes also found that Australia’s mineral resources boom might only seem to be lining mining company’s pockets at present but will inevitably flow to consumers through jobs, wage growth, profits and government revenues.