Australia: Tipping into recession

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CONSUMER spending and bank lending have slumped to recession levels, putting pressure on the Reserve Bank to start cutting interest rates before it has inflation under control.

Retailers suffered their worst month in seven years in June as the money through the till dropped by 1 per cent under the weight of rising mortgage costs and soaring petrol prices.

The Reserve Bank separately released figures showing growth in home lending at its lowest level in 25 years, while other personal and business lending was also weak.

The Australian