Consumers cut spending ahead of three more RBA rate rises
Financial markets have ramped up expectations the Reserve Bank will raise its cash rate at least three more times to above 4 per cent this year to combat inflation as some of the country’s biggest retailers warn that consumer spending has started to slow.
Early signs of a spending pullback emerged on Monday as consumer electronic chain JB Hi-Fi reported flat sales growth since the start of the year and warned the economy was entering “an uncertain period” following nine successive interest rate rises.
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