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Consumer optimism fades
The consumer mood deteriorated in August, giving back about half of the surprisingly strong gains seen in June and July. Those gains look to have been partly a positive response to the tax cuts announced in the May Budget, which passed into legislation in June, the first round of cuts coming into effect in July. The June-July gains also came against a backdrop of adverse developments on the global trade front and an emerging price correction in the Sydney and Melbourne housing markets. Despite the latest decline, the Index is still in positive territory overall, 5.5% above the average in 2014 to 2017. August marks ... (full story)
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