Interest rate rise unlikely after sluggish quarter of GDP growth, Australian economists say

Spending on Taylor Swift concerts defies pattern of consumers tightening their belts, with CBA predicting a September rate cut

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Australia’s economy is experiencing another “very soft quarter” of growth, all but ruling out another interest rate rise by the Reserve Bank despite inflation easing at a slower pace, said Steven Halmarick, CBA’s chief economist.

CommBank’s household spending index, which is based on the outlays of about seven million CBA customers, fell 0.3% in February to 141.6 points. The tally was lower than in November, indicating spending over summer shrank.

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