The majority of people plan to save most of their tax refund rather than spend it, according to the latest data.

Westpac’s regular consumer sentiment survey found more than half of survey respondents would spend less than half of their tax offset, with a quarter saying they would save the full amount.

Other aspects of the survey also showed households continue to remain cautious about their financial positions.

Westpac senior economist Matthew Hassan tells John Stanley the results are disappointing.

“I think it’s about in line with what the RBA was assessing.”

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