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Australian consumers are saving their stimulus cash – SmartCompany.com.au
The government has pumped tens of billions of dollars into the economy, but households are shoving much of it under their mattresses.
The federal government has pumped tens of billions of dollars into the economy in recent months, but households appear to be shoving much of it under their mattresses, as a second wave of coronavirus infections in Victoria threatens consumer confidence.
Consumer sentiment plummeted in August to levels of pessimism not seen since the height of the COVID-19 pandemic in April, falling 9.5% to 79.5 on the Westpac Melbourne Institute’s monthly index.
Economists at the bank were surprised by the fal…
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