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1.Market Observations, 8.Was Sticky

4 Sept 2019 (TheAge) – Shoppers stay home despite tax cuts – Government braces for poor GDP result as shoppers keep wallets shut

(4 September 2019, The Age, p1, By Shane Wright and Eryk Bagshaw)

‘Billions of dollars in tax cuts and infrastructure spending have failed to kickstart the economy – tipped to be growing at its slowest rate since the last recession – increasing expectations the Reserve Bank will be forced to cut interest rates below 1 per cent within a month. Shoppers closed their wallets in July, pocketing cash or paying off debt with more than $3 billion in tax cuts that had been deposited into bank accounts, leaving retailers watching on as sales fell across the country.’


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