Consumers have tightened the purse strings and this could continue over the next few months approaching Christmas.
More Quotes from Jarrod Kerr:
The much-needed rotation in the sources of Australia's economic growth away from consumer spending and home building is well under way.Jarrod Kerr
Exports are struggling to get traction. The monthly report highlights the capacity constraints in Australia. We need a lot more capital investment to alleviate the bottlenecks. Exports will continue to take away from GDP in the third quarter.
Jarrod Kerr
Business credit growth had been quite weak for the last few months, so a good strong rebound in business borrowings is a positive for capital expenditure, which is needed in Australia.
Jarrod Kerr
These reports provide further reasons for interest rates to remain on hold.
Jarrod Kerr
Consumer confidence has fallen five times in the last eight months and signals that the difficult times are not over for households.
Jarrod Kerr
We don't think there is anything to warrant a rate move from the central bank. Even though building approvals rose in November, housing is still in correction mode.
Jarrod Kerr
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