Reserve Bank of Australia Governor Lowe noted that the weak consumption was a surprise to us. His most prominent comments were as follows: • I am confident that consumers will spend more in the coming period. GDP was broadly in line with our expectations. • Tax cuts will boost spending rates. • It may take some time before seeing the effect of tax cuts on spending. • Weak consumption in the third quarter does not reflect any future signs.
RBA Governor: Weak consumption was a surprise
Reserve Bank of Australia Governor Lowe noted that the weak consumption was a surprise to us. His most prominent comments were as follows:
• I am confident that consumers will spend more in the coming period.
GDP was broadly in line with our expectations.
• Tax cuts will boost spending rates.
• It may take some time before seeing the effect of tax cuts on spending.
• Weak consumption in the third quarter does not reflect any future signs.
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