Tax Cuts Put Away for Rainy Day as Spending Spree Ends

Australian banknotes in Melbourne, on Nov. 7, 2017. Paul Crocker/AFP via Getty Images

Spending was flat last month, with tax cuts yet to materially improve retailer fortunes as many chose to stash extra cash away.

The flat July outcome was below the 0.3 percent growth consensus forecast and followed two months of upbeat results.