Date: January 31, 2024Author: Editor, cairnsnews 12 Comments
From Macrobusiness
Evidence is mounting that the RBA has crashed the consumer economy.
It’s no wonder, given record mortgage payments, the fixed-rate rest, stalled house prices, a record tax take and cratered disposable income.
Yesterday, we saw a shocking retail result for December at -2.7% month on month and 0. 8% year on year. Real volumes are going to be down -3%.
Some of it was Black Friday giveback, but certainly not all:
When we consider that the RBA hiked rates in November, the result is consistent with a consumer shock.
We also have December Labour Force, which showed an equally large tank in the number of employed people and was downright sick for hours worked:
The unemployment rate is lagging, but not for long. Especially so since we know the country is flooded with Albo’s Indian army.
Nelle's journey 