July Westpac/Melbourne Institute is out and shows a decent bounce, up 3.7%:
Year on year the picture is still subdued, though is up 6.8%:
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The internals are solid across the board:
This is more evidence that the interest rate cuts still have some effect in Australia. This confirms retail sales and the NAB survey which are indicating a thaw in spending. The question remains, of course, will it last? In my view, no, but probably a bit longer than the last few spikes given rates are now clearly stimulatory.
