Family spending soars over the previous 12 months

Family spending has surged 3.1% in comparison with the identical interval final 12 months, pushed by spending on important items and providers, in accordance with new ABS knowledge.

“Non-discretionary spending rose 5.8 % in comparison with November final 12 months, as spending on transport and well being elevated by 8.3% and seven.8%, respectively,” mentioned Robert Ewing, ABS head of enterprise statistics.

“In the meantime, Black Friday gross sales boosted discretionary spending in November, much like the earlier 12 months, in order that households spent 0.3% greater than November 2022 on discretionary items and providers.

“Spending on furnishings and family tools was 1.7% increased than the identical time final 12 months, whereas clothes and footwear fell 0.1%.” 

The constructive development extends throughout all states and territories, with the Northern Territory main the way in which with a formidable 8.7% rise in spending. South Australia adopted with a 5.2% enhance, and Western Australia recorded a 4.6% uptick in family spending in comparison with the identical interval final 12 months, ABS reported.

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