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Household Spending Intentions Impacted By Rate Hikes

AUSTRALIA DATA

CBA’s household spending intentions for September fell 0.5% m/m, their first decline since April, as cost of living pressures and higher interest rates seem to be finally taking their toll. While one month doesn’t make a trend, the CBA expects to see further weakness in this series due to the 250bp of tightening seen since May.

  • The series is nominal and so real spending would be weaker.
  • Four categories fell while seven categories rose, so the fall in spending intentions wasn’t broad based. There was weakness in home buying (-4.4% m/m), health & fitness (-11.2%) and household services (-1.2%).
  • Retail (+0.7%), travel (+3.6%) and motor vehicle (+6%) also posted solid rises.
  • See CBA press release.
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