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CBA Note Mixed Household Spending Intentions

AUSTRALIA

CBA note that "for July 2022 the CommBank Household Spending Intentions (HSI) Index showed a very mixed performance. While the HSI index rose by 1.05% M/M, taking the index to 114.8, the improvement was narrowly based on Entertainment, Transport, Retail and Utilities. In contrast, there were declines on the month for Home buying, Travel, Health & fitness, Education and Household services. Motor vehicles, Insurance and Communications were little changed. On an annual basis the HSI index is up 12.2% relative to July last year, although it must be noted that July last year was impacted by the ‘Delta lockdowns’ in NSW and Victoria. In addition, revised Google search data for Home buying, Travel and Motor vehicles has seen downward revisions to the HSI Index over recent months."

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CBA note that "for July 2022 the CommBank Household Spending Intentions (HSI) Index showed a very mixed performance. While the HSI index rose by 1.05% M/M, taking the index to 114.8, the improvement was narrowly based on Entertainment, Transport, Retail and Utilities. In contrast, there were declines on the month for Home buying, Travel, Health & fitness, Education and Household services. Motor vehicles, Insurance and Communications were little changed. On an annual basis the HSI index is up 12.2% relative to July last year, although it must be noted that July last year was impacted by the ‘Delta lockdowns’ in NSW and Victoria. In addition, revised Google search data for Home buying, Travel and Motor vehicles has seen downward revisions to the HSI Index over recent months."