Rising interest rates and soaring costs have left

For now, Australian consumers continue to feel the sting of rising costs and soaring interest rates. Household spending fell 0.7 per cent in July from a year earlier, according to the Australian Bureau of Statistics. It was the first decline in the spending measure since February 2021. Spending on discretionary goods and services fell for the fourth straight month. It fell 3.3 percent in July from a year earlier as households adjusted to cost-of-living pressures. Non-discretionary spending rose 1.7%, the slowest pace since early 2021. The data supports the market consensus that the Reserve Bank of Australia will keep interest rates unchanged at its policy meeting on Tuesday.