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CBA Card Data Point To More Non-Discretionary Spending


The CBA’s internal credit & debit card spending data through the second half of October remained elevated in nominal terms.

  • The data suggest though that household consumption may have shifted more towards non-discretionary spending as utilities and transport costs rise.
  • Retail spending seems to have levelled out and accounting for inflation is probably declining (Q3 retail sales ex inflation are published November 4), but remains significantly stronger than consumer confidence implies.
  • Spending does not yet appear to be reflecting the impact of the RBA’s rate hikes to date, given there are lags involved and a substantial share of mortgages are fixed rate. But as time goes on and more of those mortgages roll over, it is likely that household spending will slow.

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