Consumer confidence shows a surge following the 2015 Federal Budget.
Accounting and advisory firm BDO has released revenue figures from the retail sector from pre and post budget announcement.
A 3.18 per cent increase in overall retail sales post-budget has been recorded, compared with -7.11 per cent in 2014.
While most sub-sectors seem to be showing positive growth, fashion and accessories has plummeted from 0.29 per cent prior to the budget announcement to -8.23 per cent following.
It's not all bad news though.
Last year the sector saw a substantial drop from 0.95 per cent to -26.76 per cent.
BDO national retail lead partner Simon Scalzo said that despite consumer caution leading up to the annual budget release, consumers seem more confident to shell out on goods this year.
“In both 2014 and 2015 sales dipped by between three and four per cent in the week before the budget was handed down.
“This year we’ve seen retail sales pick up again by a little over three percent, basically returning it to its pre-budget position.
“While this may not seem like great news, it’s a much better result than last year when retail sales fell by a further seven per cent after the budget was delivered.”
General retail including computers and electronic equipment made the best recovery, pushing sales up to around 10 per cent.
Scalzo said that spending in this category could be an indication of businesses zoning in on other incentives.
“General retail includes computers and electronic equipment, so part of the improved figures post-budget may be from businesses taking advantage of the new tax write offs.
“The figures we’re seeing this year would suggest shoppers are cautiously optimistic following the budget.
“It is also possible the figures will continue to improve in coming weeks as people have more time to digest what the budget means for them.”