Consumer spending has steadily trended up and is likely to gain further strength as confidence rebounds, personal incomes continue to rise, and the labor market gradually improves. The trend in business spending has been supportive of growth. For example, over the last year, spending on equipment and software increased almost 20 percent.
[14]  See European Commission (2019), ‘Recognition of financial benchmarks in Australia’, Implementing decision. Available at: <https://ec.europa.eu/info/law/better-regulation/initiatives/ares-2019-1806384_en> and European Commission (2019), ‘Recognition of financial benchmarks in Singapore’, Implementing decision. Available at: <https://ec.europa.eu/info/law/better-regulation/initiatives/ares-2019-1806355_en>  © Reserve Bank of Australia, 2001–2019. All rights reserved. https://www.rba.gov.au/speeches/2019/sp-dg-2019-04-11.html  6/6