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The alternative asymmetric behaviour of Australian consumers' expenditure

In this letter tests for asymmetric dynamic behaviour are applied to Australian consumers expenditure. In contrast to recent findings for the UK provided by the seminal work of Holly and Stannett (1995), where asymmetric behaviour is found in the form of heightened levels during booms, Australian consumers expenditure exhibits asymmetry in the form of rapid falls in recessionary periods. These results are indicative of differing expectations and/or attitudes towards risk between the two sets of consumers.