Particle.news
Download on the App Store
3 ARTICLES
·
2d ago

Household Spending Rises 0.5% in June as Goods Outpace Services

The new ABS spending series shows annual growth accelerating to 4.8% with consumer confidence topping its highest level since May 2022

Shoppers are reflected in a window near retail stores at a shopping center in central Sydney, Australia April 18, 2017. Picture taken April 18, 2017. REUTERS/Steven Saphore/ File Photo
Image

Overview

  • The Australian Bureau of Statistics replaced its retail sales series with the Monthly Household Spending Indicator, which covers 68% of consumption and recorded a 0.5% rise in June
  • Goods spending climbed 1.3% driven by higher outlays on food, new vehicles and electronics while services spending fell 0.5% amid cutbacks in air travel and health
  • Annual household spending growth accelerated to 4.8%, the strongest pace since early 2024, and June quarter volumes increased by 0.7% to A$217.8 billion
  • Spending advanced in all states and territories except Western Australia where it dipped 0.3%, with the Northern Territory seeing the largest gain
  • Consumer confidence jumped to 90.6 in July, its highest reading since May 2022, ahead of widely expected Reserve Bank of Australia rate cuts