1M Westpac customers saved stage 3 tax cuts, contrary to spending/inflation predictions.

Westpac's analysis of one million customers reveals Australians have largely saved stage 3 tax cuts, contrary to predictions of increased spending and inflation. The tax cuts, implemented on July 1, have not led to higher spending, and the majority of the tax cut funds have been saved. Government subsidies and cheaper petrol prices may have contributed to alleviating price pressures in the economy, potentially leading to lower inflation rates.