Cyber week fuels posties’ biggest days ever
FRENZIED shoppers shook of the retail blues to spend big during Black Friday and Cyber Monday sales, swamping Australia Post with its biggest number of parcels in history.
In just two days, Australia Post's cyber week parcels topped 1.8 million, The Courier-Mail can exclusively reveal.
The news has sparked cautious hopes within the Federal Government that consumers may be ready to let their hair down - albeit will open their wallets when there is a good deal.
Despite a writedown of future surpluses and wage growth, some within Government are leaning towards not bringing forward tax cuts in May's Budget.
While it was just one week - and the value of the sales will not be known until January - Australia Post has reported that:
● Cyber week grew by two million articles over last year.
● It was bigger than its biggest Christmas week in 2018 by 2.3 million articles - or 42 per cent.
● Compared to a normal week in November, customers lodged an extra 3.5 million articles.
● Cyber week grew by 34 per cent compared to cyber 2018.
Treasurer Josh Frydenberg told The Courier-Mail there was reason to be optimistic about the economy.
"In the last national accounts we saw the fastest quarterly rise in household disposable income in a decade,'' Mr Frydenberg said.
"This 2.5 per cent increase was driven by the largest tax cuts in two decades putting more money into the pockets of Australians.
"More money in the pockets of Australians gives families the choice to save, pay down debt or spend.
"As we have forecast we expect household consumption growth to lift from 1 3/4 per cent in 2019-20 to 2 1/2 per cent in 2020-21.
"While only a small snapshot, the number of parcels handled by Australia Post during cyber week is encouraging."
Shadow treasurer Jim Chalmers said too many Australians were heading into Christmas burdened by stagnant wages, skyrocketing bills and record debt.
Dr Chalmers cited the Reserve Bank of Australia's final Board Minutes of the year, which said growth in household disposable income had been weak over recent years, in nominal and real terms.
"(The) observations are nothing new to ordinary Australians who already feel that no matter how hard they work they just can't seem to get ahead," he said.
"(Prime Minister) Scott Morrison and (Treasurer) Josh Frydenberg have failed the basic test of coming up with a comprehensive plan to get the economy moving again."