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Signs Behaviour Changing From CBA Spending Intentions

AUSTRALIA DATA

The CBA household spending intentions (HSI) rose 3.1% m/m and 4.7% y/y, but the series is not seasonally- or working-day adjusted and the more optimistic outcome reflects the increased number of trading days. April fell 4.2% m/m due to the Easter holidays. The annual rate is below inflation signalling a further fall in real consumption. CBA observes a cut back in discretionary spending and signs that people are working more hours, as higher rates and cost of living impact budgets – a trend which is likely to continue.

  • Transport , health & fitness and home buying drove the increase. Rising spending on transport (+25% y/y) was driven by more people returning to work in the office and also not taking their car. The increase in childcare spending may also reflect families working more hours.
  • Travel spending fell 6.2% and entertainment -8.4%. Food was the only component of retail that rose.
  • See report here.
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