Household spending growth slows, up 0.1% over the year
Household spending was 0.1 per cent higher than a year ago, according to figures released today by the Australian Bureau of Statistics (ABS).
Robert Ewing, ABS head of business statistics, said: “Annual spending growth has slowed in recent months. The 0.1 per cent rise in May follows a 2.2 per cent increase in the 12 months to April.
“We continue to see higher growth in spending on non-discretionary goods and services, compared to discretionary items.
“Non-discretionary spending rose 1.8 per cent, as households spent more on health services and food compared to the same time last year.”
There were a mix of rises and falls across the eight states and territories compared to the same time last year. The largest rises in spending were seen in Queensland, up 2.2 per cent, and South Australia, up 0.8 per cent. These rises were driven by higher spending on health, as well as miscellaneous goods and services which includes child care, professional services and personal care.
The ABS is enhancing the Monthly Household Spending Indicator. The enhanced data is expected to be available in the June 2024 reference period publication, to be published on 2 August 2024.
Media notes
- The indicator is produced using aggregated and de-identified card and bank transactions from banking and financial institutions.
- The indicator is produced in current price original and current price calendar adjusted terms only.
- Until the indicator is seasonally adjusted, it is advised to focus on annual comparisons (e.g. May 2024 compared to May 2023).
- Significant events such as COVID-19 can lead to very strong annual rises. Care should be given when comparing periods with these events.
- Care should be given when comparing Household Spending Indicator estimates with other ABS products. See the Methodology page for further information.
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