Crumbling consumer to hammer Aussie GDP

Via Damien Boey at Credit Suisse:

Consumer confidence came in well below expectations, falling to a 2-year low of 96.5 in early July from 100.7. Historically, levels below 100 are supposed to be consistent with weakness in per capita spending. Confidence has not bounced after the election or multiple rate cuts. Quite the opposite in fact.

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