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Spending gains pace in Sept: CBA

AAP logoAAP 19/10/2016

Economy-wide spending showed its strongest rise in 17 months in September, according to Commonwealth Bank.

CBA's Business Sales Indicator, based on the value of credit and debit card transactions processed through its merchant facilities, rose 0.7 per cent in trend terms last month.

CommSec chief economist Craig James said the September result, along with August's 0.6 per cent rise, were well above the 0.2 per cent average in the first half of 2016.

"The latest data shows spending has not only recovered after the uncertainty associated with the Brexit vote and the federal election, but the gains are broad-based," CommSec chief economist Craig James said.

"This month's business sales indicator matches the strongest result recorded in 17 months and, to find a stronger result, you would have to look back two and a half years."

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