AUSTRALIANS are not letting rising interest rates get in the way of their luxuries, with spending on restaurants, cosmetics and furniture racing ahead.
Spending has been reined in as a result of the Reserve Bank's decision to tighten the nation's purse strings, but last year's rate rises, beginning in May, hit only certain sectors, such as hotels, department stores and newsagents.
National retail sales figures for November released yesterday show the rate rise at the beginning of the month resulted in spending growth of only 0.2 per cent, following 0.9 per cent in October. But furniture sales, which had been struggling since the housing downturn in early 2004, have taken off and in November were 17.2 per cent ahead of the same month last year.
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