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AUSTRALIA DATA: Positive Start To Q4 Spending Was Broad-Based

AUSTRALIA DATA
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October household spending rose 0.8% m/m to be up 2.8% y/y after 0.9% y/y driven by discretionary spending on recreation and culture (+1.5% m/m). Annual growth had been trending lower since mid-2022. Growth in services expenditure is significantly above that for goods. This data is nominal but signals a solid start to Q4 consumption growth. 

  • Services spending rose 1.5% m/m to be up 6.4% y/y, the highest since January. The ABS reported that spending on tickets for major music and sporting events to take place next year boosted expenditure. Being non-essential, discretionary spending rose 1.1% m/m in October to 3.2% y/y up from 0.3% y/y.
  • Goods spending was up 0.2% m/m, driven by clothing & footwear (+1.1% m/m), after declining the previous three months. It remains down 0.1% y/y, which was an improvement from September’s -1.5% y/y.
  • Non-discretionary expenditure increased 0.2% m/m and 2.0% y/y, similar to the previous month, driven by health and auto repairs.
  • The strength in household spending was broad-based across states and the nine major categories.
  • This ABS series will replace monthly retail sales after the June 2025 data. 

Australia household spending y/y%

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October household spending rose 0.8% m/m to be up 2.8% y/y after 0.9% y/y driven by discretionary spending on recreation and culture (+1.5% m/m). Annual growth had been trending lower since mid-2022. Growth in services expenditure is significantly above that for goods. This data is nominal but signals a solid start to Q4 consumption growth. 

  • Services spending rose 1.5% m/m to be up 6.4% y/y, the highest since January. The ABS reported that spending on tickets for major music and sporting events to take place next year boosted expenditure. Being non-essential, discretionary spending rose 1.1% m/m in October to 3.2% y/y up from 0.3% y/y.
  • Goods spending was up 0.2% m/m, driven by clothing & footwear (+1.1% m/m), after declining the previous three months. It remains down 0.1% y/y, which was an improvement from September’s -1.5% y/y.
  • Non-discretionary expenditure increased 0.2% m/m and 2.0% y/y, similar to the previous month, driven by health and auto repairs.
  • The strength in household spending was broad-based across states and the nine major categories.
  • This ABS series will replace monthly retail sales after the June 2025 data. 

Australia household spending y/y%

Keep reading...Show less