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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUSTRALIA DATA
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%
Source: MNI - Market News/ABS
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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