Australians still cautious about spending

The sluggish figures are likely to be negatively influenced by household concerns that interest rates are staying higher for longer, as outlined by Brendan Rynne.

Retail trade in April 2024 rose weakly by 0.1 percent, less than forecast, following a sharp 0.4 percent drop in the previous month. The underlying trend continues to be flat, reflecting caution among consumers who have cut back on their discretionary spending. These weak retail figures follow the pattern of other high-frequency data. For example, the Westpac Car tracker and CBA Household Spending Insights both show a decline: the car tracker indicates a 1 percent monthly drop in April 202...

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Authors: Brendan Rynne

Published Date: 31 May 2024