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Australians Tighten Belts Amid Economic Pressure | Australia News
Description
Australia’s shoppers are holding tight to their wallets, despite retailers slashing prices—household spending barely rose 0.3% in June, a weak signal amid end-of-year sales. Rising interest rates, volatile fuel costs, and global uncertainty are chilling spending, even on dining and entertainment. With incomes stagnant and housing markets cooling, economists predict this cautious trend will linger, forcing businesses to adapt to a more frugal consumer base.
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