Tax cuts put away for rainy day as spending spree ends

Retail spending figures for July were below the consensus forecast of 0.3 per cent growth. (Con Chronis/AAP PHOTOS)

Spending was flat last month, with tax cuts yet to materially improve retailer fortunes as many chose to stash extra cash away.

The flat July outcome was below the 0.3 per cent growth consensus forecast and followed two months of upbeat results.