Household spending falls 0.5% in June
Household spending fell 0.5 per cent in June, according to seasonally adjusted figures released today by the Australian Bureau of Statistics (ABS).
This is after consecutive rises of 1.0 per cent in May and 0.8 per cent in April.
Robert Ewing, ABS head of business statistics, said: “This is the first month where the spending indicator includes seasonally adjusted data for selected categories. This new data shows households spent less on Services in June, but more on Goods compared to May.”
Lower spending on recreational and cultural services, hotel accommodation, and dining out contributed to the 1.8 per cent drop in Services spending. The fall was partially offset by a 0.5 per cent rise for spending on Goods, as households took advantage of end-of-financial-year sales.
Household spending rose in all states and territories compared to the same time last year in calendar adjusted terms. The largest percentage rises in spending were seen in Western Australia (+6.8 per cent), Queensland and the Australian Capital Territory (both +5.6 per cent).
“As well as seasonally adjusted estimates for selected categories, this spending indicator now includes dollar levels and quarterly chain volume measures, as well as improved methodology.”
In the June 2024 quarter, household spending volumes were 1.4 per cent higher than the same time last year (in original terms).
Furnishings and household equipment (+6.7 per cent) and miscellaneous goods and services (+4.9 per cent) had the largest annual rises, while alcoholic beverages and tobacco fell 12.8 per cent.
Media notes
- The indicator is produced using aggregated and de-identified card and bank transactions from banking and financial institutions, and now also incorporates supermarket scanner data and motor vehicle sales from the Federal Chamber of Automotive Industries.
- Enhancements to the estimation method and the inclusion of new data sources have been backcast through the entire series.
- The indicator includes nine of the 13 key divisions classified, according to the Classification of Individual Consumption by Purpose (COICOP).
- Care should be given when comparing Household Spending Indicator estimates with other ABS products. See the Methodology page for further information.
- The ABS plans to expand its suite of seasonally adjusted estimates in the coming months. In the meantime, it is advised to focus on annual comparisons for State/territory, Classification of Individual Consumption According to Purpose (COICOP) and volumes estimates.
- When reporting ABS data you must attribute the Australian Bureau of Statistics (or the ABS) as the source.
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