The Australian dollar dropped immediately after the release of the results, from US67.31¢ to US67.18¢.
"Spending growth remains weak for clothing and footwear, household goods and in department stores. Even eating out took a dive in July," he said."Households appear to be tightening their belts and limiting discretionary spending. That's precisely what you'd expect in an economic downturn." The government has been preparing the ground for a "very difficult" June quarter on Wednesday, when Treasurer Josh Frydenberg releases the national accounts. The full benefit of more than $36 billion in tax cuts and a 50 basis point reduction in interest rates is not expected to be felt until December.But the Treasurer did receive some positive news on Tuesday. Australia recorded a current account surplus for the first time in 44 years, adding $5.9 billion in the June quarter and 0.
"The surplus is both a price and volume story. Similar to the March quarter 2019, continued global supply interruptions have maintained high iron ore prices into the June quarter, boosting our export receipts to record levels," he said.
swrighteconomy ErykBagshaw ScottMorrisonMP’s recession
EconomicSlowdown across majority of developed world.
swrighteconomy ErykBagshaw But Joshy JoshFrydenberg said pretty please spend your money at the shops, don't pay off your massive debts. This guy will be a bigger disaster than John Howard as treasurer. 🤣😂🤣
swrighteconomy ErykBagshaw Problem is the government aren't capable or willing to do anything about it. In fact they're that incompetent & clueless they will no doubt let the country go into recession then try to blame labor! 🤔
swrighteconomy ErykBagshaw People are cutting back on Wagyu beef and Shiraz as advised in the Westpac HEM case court judgement last week
swrighteconomy ErykBagshaw How good is economic management?
swrighteconomy ErykBagshaw Because we are forced to live life until it is worn out torn and tattered ripped to shreds
swrighteconomy ErykBagshaw Tax cuts, rate cuts.....it means the economy is in the deep, so why would people want to spend I’ll spend after we get the recession and reset thanks.
swrighteconomy ErykBagshaw People have been expected to buy ripped jeans and other unsaleable bits of junk.
swrighteconomy ErykBagshaw If wages dont go what dose anyone expect Cost of Living is gone through the roof in OZ in the last 15 years auspol
swrighteconomy ErykBagshaw Zipadeedoodah
swrighteconomy ErykBagshaw . Wages growth has totally stalled, for some reason. And rents and house prices are on the rise again, eroding people's discretionary incomes. Darned if I can explain it.
swrighteconomy ErykBagshaw What did they expect when they cut wages.
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