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Stabilising CBA Spending Intentions Helped By Higher Prices

AUSTRALIA DATA

February CBA household spending intentions fell only 0.1% m/m after -6.8% the previous month. This brought annual growth to 4.5% down from 5.2% in January but still above Nov/Dec 2022. This indicates that spending intentions may have stabilised helped by higher prices. But CBA expects them to ease over the coming months on the back of higher rates and cost of living.

  • It is worth noting that the series isn’t seasonally or working day adjusted and the shorter month weighed on the result. But CBA noted that after seasonal adjustment spending intentions were up marginally.
  • The softer outcome was also driven by the entertainment (-11.3% m/m), retail (-9.8%) and travel (-8.9%) components.
  • The Home Buying Index is down 20.5% y/y, pointing to continued weakness in the housing sector.
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