In this episode of the Weekly Finance News Wrap, Paige Estritori discusses key Australian financial updates brought by Financial Services Online. The Commonwealth Bank forecasts a delay in the anticipated rate cut by the Reserve Bank of Australia due to factors like a softening labor market and the specter of inflation looming large, moving expectations for rate easing to later in the year. Meanwhile, stats from the Australian Bureau of Statistics show a decline in household spending amidst a deepening recession, with diminished consumer confidence resulting in nationwide contraction in consumer activity. These indicators suggest a challenging road ahead for Australia's economy.n

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