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Household Spending Intentions Bounce But Details Mixed

AUSTRALIA DATA

CBA household spending intentions for October rose a robust 0.9% m/m to be up 7.4% y/y after falling 0.5% last month. While the annual rate moderated from 14.1% in September, this is due to very strong Covid-related base effects as lockdowns ended this time last year. The data tell us that rate sensitive spending is slowing and that higher prices are boosting nominal expenditure but people’s spending intentions are not yet in line with depressed consumer confidence.

  • While CBA notes that the improvement was “narrowly based” there were strong rises in spending intentions on household services (+3.7% m/m), retail (+3.3%) and transport (+1.6%). Half the intended retail spending is expected to be on food due to higher prices. Home buying was particularly weak, as this year’s rate hikes are being felt, falling 3.1% m/m.
  • See CBA press release here.
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