Strong household spending heaps more pressure on RBA
Following Wednesday’s stronger-than-expected trimmed-mean inflation by the Australian Bureau of Statistics (ABS), which led several major banks to forecast imminent interest rate hikes, the ABS on Thursday reported strong household spending in July. Household spending rose by 1.1% in July to be 7.0% higher year-over-year, the strongest annual spending growth since June 2023. Both discretionary…
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