Family spending hits slowest tempo since February 2021 – ABS

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

“This was the smallest development 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% on account of elevated spending on well being and transportation, this development price stays decrease than the 6.2% reported in November.

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

Regional traits

Regardless of the general slowdown, family spending rose in each Australian state and territory when put next year-on-year. Western Australia and the Northern Territory skilled probably the most vital 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 big discount in its spending development price, dropping from 5.4% in November to 2.8% in December, indicating a broad-based deceleration in family spending development in direction of the 12 months’s finish.

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