Australian household spending remained flat in August, despite federal tax cuts.
In August, Australian household spending remained flat, defying expectations for increased activity following federal tax cuts. Discretionary spending rose by 0.2%, while essential spending fell 0.4%. Service expenditures increased by 0.4%, driven by travel and dining, but goods spending dropped by 0.3%. New home loans grew 1% to $30.4 billion, with Queensland seeing a significant 40% rise in lending over the past year, despite a 1.5% decline in first-time homebuyers.
October 04, 2024
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