The Monthly Household Spending Indicator for August 2023, released by the Australian Bureau of Statistics, reveals encouraging trends in the country’s economic landscape.
- Overall Growth: Household spending has increased by 4.8% year-on-year on a current price, calendar-adjusted basis.
- Category Breakdown:
- Services: Experiencing robust growth with a notable increase of 9.8%.
- Goods: Declined slightly by 0.7% over the same period.
- Discretionary vs. Non-discretionary Spending:
- Non-discretionary Spending: Grew by 9.1%.
- Discretionary Spending: Remained relatively unchanged at 0.0%.
- Through the Year Spending:
- Positive increases observed across seven out of nine spending categories.
- Highest increases in transport (+17.1%), health (+8.0%), and hotels, cafes, and restaurants (+6.9%).
- Goods and Services Spending:
- Services: Saw a significant rise of 9.8%, driven by increased spending on transport, hotels, cafes and restaurants, and health.
- Goods: Experienced a slight decline of 0.7%, influenced by falls in furnishings and household equipment, and alcoholic beverages and tobacco.
- Discretionary and Non-discretionary Spending:
- Non-discretionary Spending: Grew by 9.1%, driven by transport, health, and catering services.
- Discretionary Spending: Remained relatively stable (0.0%), with rises in accommodation services and recreational and cultural services, offset by falls in furnishings and household equipment.
- State and Territory Analysis:
- Household spending increased across all eight states and territories.
- Strongest increases were observed in Western Australia (+9.9%), Australian Capital Territory (+8.2%), and South Australia (+6.6%).
- Detailed Breakdowns for Western Australia, Australian Capital Territory, and South Australia:
- Western Australia: Notable spending increases in transport (+22.5%), health (+15.4%), and miscellaneous goods and services (+11.0%).
- Australian Capital Territory: Strong spending categories included transport (+16.2%), health (+15.9%), and hotels, cafes, and restaurants (+14.8%).
- South Australia: Witnessed growth in transport (+17.6%), hotels, cafes, and restaurants (+14.5%), and health (+8.9%).
https://www.abs.gov.au/statistics/economy/finance/monthly-household-spending-indicator/aug-2023