New Data Reveals Consumer Spending Still Slow, Despite Inflation Drop

Despite a drop in headline inflation and tax cut reforms, Australian household spending is yet to see a surge. Figures from the Australian Bureau of Statistics (ABS) revealed that household expenditure remained flat in August. The data, released on Oct. 4, showed no change in household spending for the month, following consecutive declines of 0.5 percent in July, and 0.1 percent in June. ABS head of business statistics, Robert Ewing, stated, “Growth in household spending has stalled at the start of the financial year, even as the federal government’s Stage 3 tax cuts came into effect on 1st July.” The GDP numbers released last month also revealed a drop in household consumption....