Australia’s household spending surged by 8.2% YoY in March

MG News | May 09, 2023 at 01:42 PM GMT+05:00

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May 09, 2023 (MLN): Australia’s household spending rose by 8.2% YoY in March as compared to the same period last year, the latest data by the Australian Bureau of Statistics (ABS) revealed today.

While non-discretionary spending increased by 13.9% YoY, the growth of discretionary goods and services slowed to 2.2% YoY.

"Hotels, cafes, and restaurants" and "Transport" were the main contributors to the overall rise.

Spending on goods rose 4.8% YoY, boosted by a 12.6% increase in food, while spending on services saw an 11.4% YoY rise.

Robert Ewing, ABS head of business indicators stated that "Rising prices are contributing to this growth. The March quarter Consumer Price Index showed services price inflation rose 6.1% - its largest rise since 2001 - and goods price inflation rose 7.6%," as APP reported.

All states and territories registered a jump in household spending, among which the Australian Capital Territory saw the biggest increase in household expenditure at 12.6% YoY.

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