Australian stage 3 tax cuts in July-August did not significantly increase consumer spending, according to Commonwealth and Westpac bank data.
Despite nearly $5 billion in stage 3 tax cuts in Australia during July and August, consumer spending has not significantly increased, according to data from Commonwealth and Westpac banks. This stagnation raises concerns about the potential recovery of $100 billion in unpaid taxes, which could further strain shoppers and the economy. Initially, economists worried that tax cuts might spur spending, inflation, and interest rate hikes, but the current data suggests otherwise.
September 15, 2024
4 Articles