WEEKEND ECONOMIST: Wary of the consumer

The RBA's decision to cut rates this month was the right one, and while the March economic data showed brief burst of consumer spending this will likely be unsustainable, meaning a further 75bps of cuts will be needed.

This week saw an as-expected RBA decision (a 25 basis point cut to 3.50 per cent), and two above-expectations data prints: Q1 GDP and May jobs. The expectations-beating data has seen market pricing pared back to be more in line with our rate expectations, which remain unchanged.

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