Wednesday’s Q3 national accounts release from the Australian Bureau of Statistics (ABS) reported fairly modest real per capita household consumption growth of only 0.1% for the quarter and 1.0% annually.
The national accounts also reported a lift in the household savings rate to 6.4%:
Advertisement
Viewed in isolation, this data would have soothed RBA concerns that consumers are lifting their spending excessively in response to the three rate cuts already delivered and rising asset prices.
