Outgoing RBA governor Philip Lowe will on Tuesday helm his last meeting of the board, which is widely expected to keep the official cash rate at 4.1 per cent.
The largest fall in spending on goods including clothing, footwear and home furnishings since the start of the Delta wave of the pandemic has bolstered the case for the Reserve Bank to hold interest rates steady for a third consecutive month.
“There is no argument right now that could push you towards another rate hike if the Reserve has already been on hold for two months, so I think the chance of a hike tomorrow is pretty low.”from the December peak of 8.4 per cent, down to 4.9 per cent in July. “Spending on discretionary goods and services was down for the fourth straight month. It fell 3.3 per cent over the year, as households adapt to cost-of-living pressures,” Ewing said.Spending on goods fell by 4.1 per cent, the largest decline since July 2021 when the Delta wave of the pandemic was beginning.
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