Reserve Bank of Australia consumer forecasts are too optimistic, December rate cut likely ...Middle East

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Reserve Bank of Australia consumer forecasts are too optimistic, December rate cut likely
Commonwealth Bank of Australia rgue that the RBA's latest household consumption forecasts, updated in August, "look too rosy".CBA point to the 1.1% rebound in household consumption the RBA is projecting, and argue:This represents a significant increase compared to the 0.3% growth seen in the first half of the year.Such a sharp rise in spending growth hasn't been reflected in CBA's internal data up until late September.It also doesn't align with the current cautious spending patterns, given the ongoing low consumer confidence.CBA conclude:We expect the RBA will need to downwardly revise their consumption forecasts in November. Indeed, the RBA this week already noted that there are downside ri

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