A bad time for households to tighten the purse strings

Growth continues to be driven largely by resource exports, leaving the economy vulnerable to the whims of China. Household consumption is needed to support growth, but the outlook is far from pretty.

Real wages are declining and budget cuts are imminent; consumer confidence is still weak and unemployment remains elevated. The outlook for household spending is beginning to look downright ugly and that leaves us particularly vulnerable to risks in China.

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