Aus consumer
Well, we finally get some evidence of the slowdown in the household spending data, with the HSI slowing to 4.8%.
The 7% referred to above is the Monthly Household Spending Intentions data from a group of banks, not just CBA, and is the replacement series for the retail sales data. The full series is shown below.
So, now that the two series are starting to diverge, we will have to watch with interest, particularly as the RBA is (in our view) set to hike the rates over the next week.
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