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Family spending hits slowest tempo since February 2021 – ABS

Family spending hits slowest tempo since February 2021 – ABS | Australian Dealer Information

Knowledge signifies modest progress amid cost-of-living pressures

Household spending hits slowest pace since February 2021 – ABS

Australian family spending progress decelerated in December, with the Australian Bureau of Statistics (ABS) reporting a modest 2.3% enhance in comparison with the identical interval within the earlier 12 months.

“This was the smallest progress in family spending since February 2021,” mentioned Robert Ewing (pictured above), head of enterprise statistics at ABS.

Whereas non-discretionary spending went up 5.4% attributable to elevated spending on well being and transportation, this progress price stays decrease than the 6.2% reported in November.

Moreover, discretionary spending dipped 0.6% in comparison with the earlier 12 months on account of diminished expenditure on recreation and tradition, in addition to furnishings and family gear.

Regional tendencies

Regardless of the general slowdown, family spending rose in each Australian state and territory compared year-on-year. Western Australia and the Northern Territory skilled essentially the most important will increase, with each seeing a 4.5% rise in spending. South Australia adopted with a 2.8% uptick.

Nevertheless, the expansion price in most states and territories was nonetheless decrease in December than in November.

South Australia, specifically, noticed a major discount in its spending progress price, dropping from 5.4% in November to 2.8% in December, indicating a broad-based deceleration in family spending progress in the direction of the 12 months’s finish.

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