Australia & New Zealand Economics

Australia & New Zealand Chart Book

29 August, 2018

Households holding up well

Australian households have been more resilient to low income growth and falling house prices than we expected. After rising by just 0.3% q/q in the first quarter, the solid rises in retail sales in recent months imply that real consumption rose by about 0.7% q/q in the second. But that may not be enough to prevent the 1.0% q/q rise in GDP in the first quarter giving way to a 0.5% q/q gain in the second. And with house prices set to fall at a faster pace, we suspect it is only a matter of time before

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