The fastest and fiercest rate rises in history have failed to stop the Australian consumer from splashing the cash. That may not be a reason to cheer.
Their reporter was on the scene at Sydney’s Vivid festival last month to report on a physically ill Reserve Bank governor as he watched battlers fork out $40 for five churros from a food truck.
In the coming days and weeks we may get a clearer picture. With the company reporting season looming, the outlook andOn Friday, official June retail sales figures are published, with the market expecting a modest rise on the prior month. ANZ’s transaction data showed a bump in spending due to end of financial year sales, but other banks say their data points to a weaker period.
Barrenjoey’s caveat aside, the broker is cautious on the ASX discretionary sector, which may be cheap, but is subject to earnings risk with little positive news likely to entice the bulls. Oxford Economics had a go at working out why. It cites three broad factors. The first is better than expected nominal income growth; the second, lower than expected inflation as some supply side pressures have abated; and the third, a willingness for consumers to dip into their savings.
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