Households feel the pinch of a struggling economy

Declining real wages, a subdued labour market and concerns over the federal budget are taking their toll on Australian households and clouding the RBA's medium-term outlook for growth.

The household sector has lost its way over the past few months and poses a significant risk to the rebalancing of the Australian economy. Trade rose moderately in June but volumes were down in the quarter and indicate that household spending may fall for the first time since 2008 when the national accounts are released next month.

The value of retail sales rose by 0.6 per cent in June, beating market expectations, to be 5.5 per cent higher over the year. Sales rebounded following four consecutive months of subpar growth.



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