Retail spending rose in November, a new private sector survey shows, despite major retailers complaining of weakening demand.

The Commonwealth Bank (CBA) Business Sales indicator (BSI) rose by 0.3 per cent in trend terms in November, following on from similar rises in October and September.

The BSI, which tracks the value of credit and debit card transactions processed through CBA’s point-of-sale terminals, recorded rises in spending in all states.

According to the survey, the Northern Territory recorded the strongest result, rising by 0.4 per cent, while NSW, Tasmania, Western Australia, Victoria and South Australia all rose by 0.3 per cent and Queensland rose by 0.1 per cent.

CBA’s Local Business Banking executive general manager Matt Comyn said that the rise in spending was good news but overall consumer attitude remained cautious.

“The fact that consumers are more willing to spend now than they were earlier this year is a positive sign, particularly for this time of year,” he said.

He said the rise came on the back of the Reserve Bank of Australia’s decision to cut interest rates on Melbourne Cup Day, indicating the banks decision to cut rates again this month could spur further growth.

However, Commsec economist Savanth Sebastian said the figures highlighted the stop-start nature of the spending recovery.

He said in seasonally adjusted terms spending grew 0.6 per cent in November after falling 0.2 per cent in October.

“Despite that, its still good news, with the seasonally adjusted BSI now having risen in three of the last four months,” he said.

“The question will be whether there is enough momentum to carry this recovery on into the New Year, particularly as the Eurozone continues to grapple with its ongoing debt issues.”

The survey comes after several retailers including JB Hi-Fi and Billabong issued significant profit downgrades on the back of poorer than expected sales.