Business Spending Tops Three-year High

Business spending tops three-year highAustralia's business services sector has shrugged off economic turmoil in China and Greece, posting the biggest spending increase in more than three years.New figures from the Commonwealth Bank show that June sales across the business services sector - which includes items from office furniture to computers and industrial equipment - posted their strongest gains since May 2012.The 2 per cent lift in June had a knock-on effect for nationwide spending, which rose 0.7 per cent, according to the CBA's business sales indicator.The BSI, which tracks credit and debit card transactions at CBA machines, recorded that annual growth in economywide sales rose for the fourth consecutive month in June.The 7.6 per cent rise is the fastest pace in seven months.It shows firms are continuing to respond well to the government's business-friendly budget and the historic low cash rate, CommSec chief economist Craig James says."Despite recent global economic uncertainties such as the Greek debt crisis and China's slowing economy reducing demand for Australian resources, it's encouraging to see businesses and consumers embrace low interest rates and government stimulus, with spending growing at a steady pace," Mr James said.During the month, there was also a boost in spending in the retail, vehicles, entertainment and manufacturing sectors.Spending fell in just four of the 19 industry sectors, including airlines, transport, professional services and mail order/telephone order providers.The BSI covers spending broadly across the economy, including outlay on cars, personal services, utilities and supermarket goods.

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