Households shop to it, but not for long

Low interest rates have supported a strong first quarter for household spending, but looming budget cuts could see the return of the cautious consumer.

Spending growth was soft in March, but that shouldn’t detract from a strong first quarter for the household sector. Low interest rates are supporting growth, but with budget cuts looming, will the cautious consumer return?

Retail sales rose by 0.1 per cent in March, missing market expectations, to be 5.7 per cent higher over the year. Nevertheless, growth in the March quarter has been strong and points to a solid contribution to GDP growth.


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