ABS figures show spending increased slightly in the March quarter, but people were also saving less, posing questions for the RBA on interest rates.ABS figures show spending increased slightly in the March quarter, but people were also saving less, posing questions for the RBA on interest rates.
Fortunately, Bullock is rather more careful than are those blithely dismissing concerns of a recession.The RBA has been trying to work out why household spending was so bad. After all, unemployment was still around 4.0%, wage growth was at 4.1%, and finally real wages were rising.Then in the March GDP data, the Australia Bureau of Statistics revised the figures, in an attempt to get “seasonally adjusted” back to some sort of sense after the years of Covid insanity.
If the glass half full view is correct, then the coming stage-three tax cuts might add to the amount of spending in a manner that may cause inflation to rise.