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Wednesday, February 21, 2024

Family spending hits slowest tempo since February 2021 – ABS

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

Information 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% improve in comparison with the identical interval within the earlier yr.

“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% as a consequence of elevated spending on well being and transportation, this progress charge stays decrease than the 6.2% reported in November.

Moreover, discretionary spending dipped 0.6% in comparison with the earlier yr on account of lowered expenditure on recreation and tradition, in addition to furnishings and family tools.

Regional developments

Regardless of the general slowdown, family spending rose in each Australian state and territory in comparison 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.

Nonetheless, the expansion charge in most states and territories was nonetheless decrease in December than in November.

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

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