With the release of the latest national accounts data showing that household consumption had grown by 0.9% in inflation-adjusted terms and the ABS Household Spending Indicator showing spending up by 0.5% MoM in July and up 5.1% YoY, some are questioning whether rate cuts are working.
Before we get into the numbers detailing how rate cuts have impacted household cash flows, both positively and negatively, let’s look at how the economy is performing from a broader overview.
The last quarter produced overall quarterly growth of 0.6%, with per capita growth up by 0.2%.
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