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ANZ: Rate Hike Hasn’t Led To A Pullback In Spend

AUSTRALIA

ANZ note that “total ANZ-observed spending ex petrol rose quickly after an expected Easter dip (+3.4% y/y) and is showing no signs of a household spending pullback. Strengthening wage pressure and very large savings buffers across households have likely helped spending behaviour stay resilient amidst cost of living and interest rate worries. ANZ-observed travel spending has resumed a broad upward trend after the Easter holiday spike, while worldwide Google searches for cheap flights to Australia have grown to around two-thirds of pre-COVID levels.”

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ANZ note that “total ANZ-observed spending ex petrol rose quickly after an expected Easter dip (+3.4% y/y) and is showing no signs of a household spending pullback. Strengthening wage pressure and very large savings buffers across households have likely helped spending behaviour stay resilient amidst cost of living and interest rate worries. ANZ-observed travel spending has resumed a broad upward trend after the Easter holiday spike, while worldwide Google searches for cheap flights to Australia have grown to around two-thirds of pre-COVID levels.”