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Our reluctance to spend may stunt government recovery plans
By Emily Chantiri
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Many Australian households dramatically slashed spending during the coronavirus pandemic.
Now the federal government is encouraging them to spend up big to help stimulate the economy and jobs growth.
The government is urging Australians to return to the shops and spend but many remain reluctant.
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However, many remain reluctant to open up their purse strings and may emerge in a post-COVID-19 ânew normalâ with permanent changes in their spending and savings habits.
Despite a big jump in consumer spending â which accounts for 60 per cent of economic activity â in the September quarter, it is still 7 per cent below where it was before the coronavirus-induced recession struck.