Forecasts for growth in household consumption have been revised down despite big tax cuts that deliver a "Gerry Harvey" style stimulus to spending.
Budget papers show that consumption will grow 2.25 per cent for fiscal 2019, down from the previously forecast 2.5 per cent. The fiscal 2020 forecast is now for growth of 2.75 per cent, down from the 3 per cent forecast only five months ago.
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Matthew Cranston is the United States correspondent, based in Washington. He was previously the Economics correspondent and Property editor. Connect with Matthew on Twitter.
