Fairfax business commentator joins 7:30 Report

DEBORAH CORNWALL, PRESENTER: The global financial crisis may have dented consumer confidence, but so far, it appears to have had little impact on consumer spending. Buoyed by the Rudd Government's message to spend for the good of the economy, retailers have gone into overdrive, luring shoppers with discount deals all the way to Christmas.

After a brief respite yesterday, hoards of bargain hunters were back at it again today, prompting predictions of a bumper spending spree of up to $14.6 billion for this next round of New Year sales.

So, what are we to make of this sort of orgy of spending at a time when Australians should be steeling themselves for the worst unemployment rates in two decades?

I spoke to Fairfax business commentator Michael West earlier today and asked him whether this current shopping frenzy is going to be enough to save jobs.

Broadcast: 26 December 2008
Australian Broadcasting Corporation
Presenter: Deborah Cornwall

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