Spending slows
Nice timely indicator from ANZ, showing the slowdown in spending in 2023, as interest rates impact the consumer economy.
Home-related goods spending fell -16 per cent from a year earlier, and big-ticket items spend on furniture and similar items was also much weaker than last year.
Even when the Reserve Bank stops hiking, there will still be fixed rate mortgages to roll off at much higher mortgage rates.
In the context of the above chart, spending should slow down substantially from here in Australia.
