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CBA Card Data Show Shift To Services Continues

AUSTRALIA DATA

The CBA’s internal transactions data shows a solid start to spending in the first 3 weeks of the year, but it has been boosted by base effects because January 2022 was Covid-affected. It also shows that spending is continuing to shift back towards services with non-retail spending stronger than retail. Consumption is expected to slow over 2023 as higher rates and cost of living impact household budgets. CBA expects the ABS’ December retail sales data (released January 31) to be soft after the Black Friday-related surge in November.

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