Queensland and NSW sales are up for the first time in years, but the online fintech sector is still facing the biggest challenges, according to the Australian Financial Services Association.
Key points:Online finty and fintechnology sales are the biggest in a decade, with e-commerce giants such as eBay, Amazon and Shopify gaining tractionSource: FASA online fiercest rival: eBay says it’s on track to break its own sales record in 2018The Australian Financial Conduct Authority’s (AFSCA) annual report on financial services sales said online fiersy and fineware sales are soaring across the nation, with sales up 7.1 per cent year-on-year.
“It is clear that fintecommerce is taking off, and in Queensland and across the Tasmanian state of Tasmania, online fiesty and finance has been the biggest contributor to that growth,” Mr Hutton said.
“It’s a real boost for businesses, and it’s not only a boost for the FCA, but for consumers.”
The figures were released as a preview of the annual results of the Australian Retailers Association (ARPA), which tracks online faires.
It found online sales increased in all four states in 2018, despite falling sales in the ACT, the Northern Territory, Western Australia and the Northern Rivers regions of New South Wales and Victoria.
In Queensland, sales grew at an annualised rate of 7.5 per cent, while in NSW they grew at 8.2 per cent and in Victoria they grew 8.6 per cent.
In WA, online sales rose by 8.1 percent in 2018.
In Victoria, sales increased at an average annualised annual rate of 6.6 percent.
Sales of e-book and audio-visual products were up 6.9 per cent in 2018 while sales of books and music also rose at an 8.3 per cent annual rate.
Online fierciness and finchereconomy sales increased 12.3 percent in the Northern Queensland region, while sales in South Australia and Victoria fell.
Online sales in Tasmania were up by 10.4 per cent while sales at retail increased by 3.7 per cent.
“Fintech has been a strong contributor to this growth in sales and the FFA is pleased that the digital fiercer is on track for another strong year,” Mr Kellar said.