Stimulus Package Impacting on Retail Spending

Retail spending painted a prettier picture yesterday and showed the stimulus package is having some impact. It was up 2.2% in Mch which is the second best result in nine years. With another stimulus package on the way, followed closely by whatever is in the budget, retail sales should remain buoyant over the next couple of months.

Other positive news came from our eighth consecutive trade surplus. It rose from $1.75 M to $2.5 M in March - the second highest on record. Exports remain 25% higher than a year ago - obviously helped by our lower dollar.