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Australia Household Spending Remains Flat
Consumers cut back on food, clothing and culture while fuel spending rose, and analysts had expected a 0.3% increase.
- On Tuesday, the Australian Bureau of Statistics reported household spending remained unchanged in August at A$82.3 billion .
- Household spending registered nil growth, following a 1.1 percent rise in July and a 0.9 percent increase in June. Annual growth eased to 6.8 percent from 7.0 percent.
- Excluding fuel spending, total household spending would have fallen by 0.3 per cent, as recreation and culture spending posted the largest decline of 1.4 percent.
- Higher interest rates and oil prices are slowing consumers, with the Reserve Bank expected to raise rates for a fourth time this year.
- Analysts had anticipated a 0.3 percent rise following July's strong 1.1 percent jump; however, the 6.8 percent annual growth demonstrates resilience to higher borrowing costs.
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12 Articles
12 Articles
Household spending looks steady but rising costs tell a different story
Anyone who has done the weekly shop lately knows the feeling. The trolley costs more, yet somehow holds less. That gap between what you pay and what you carry home tells you plenty about the economy right now. Fresh figures show household spending simply stopped growing in August. On paper it looks steady. Underneath, one rising cost is quietly masking a genuine pullback. The headline numbers Spending was unchanged in August, after climbing 1…
Coverage Details
Total News Sources12
Leaning Left0Leaning Right1Center5Last UpdatedBias Distribution83% Center
Bias Distribution
- 83% of the sources are Center
83% Center
C 83%
R 17%
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