Did you buy a coffee machine with a tax refund? It may have affected Australia’s interest rate

By Catie McLeod and Jonathan Barrett · The Guardian World

Policymakers didn’t think people had the financial capacity to purchase ‘durable’ goods – but a rise in spending contributed to inflation Follow our Australia news live blog for latest updates Get our breaking news email , free app or daily news podcast One of the first things many Australians did last year after receiving a tax refund or a lower mortgage rate was to buy an armchair, an air fryer or a coffee machine. The purchases, evident in company earnings published this week, came after households had endured years of high living costs – and consumption had been weak up until that point. Continue reading...