Home > Latest News > OZ Spending Growth Slows As Inflation Bites

OZ Spending Growth Slows As Inflation Bites

Household spending rose 6 per cent in April year-on-year, not even keeping up with the artificial growth caused by rising inflation.

According to figures released today by the Australian Bureau of Statistics, growth has slowed as consumers further tighten their belts, and begin to shop in a more discerning manner.

“From a peak of 29.1 per cent in August 2022, this month’s 6.0 per cent growth has followed a downward pattern from an 11.9 per cent rise in February and an 8.4 per cent rise in March,” Kate Lamb, ABS head of business indicators.

“This is mainly due to lower growth in spending on consumer services, like holiday travel and eating out, which continues to normalise following the COVID-19 pandemic.”

Transport (+15.5 per cent) and Hotels, cafes and restaurants (+13.4 per cent) recorded the largest percentage increases across spending categories – a long way from August 2022 peaks of 63.5 per cent and 69.6 per cent respectively.

“Spending growth for goods has also slowed but to a lesser extent, as inflation continues to increase spending on food,” Lamb said.



You may also like
Retailers Outline Key Strategies To Attract Shoppers
Inflation Drops To 3.2% Raising Hopes For Rate Cuts
Under Pressure Retailers Calls For Reforms & New Government In 2025
Australia Reports Only Marginal GDP Growth
Inflation At Three-Year Low, But Will Rate Cuts Follow?

Popular Posts

Samsung Dominated TV Market In 2024, Gained OLED Share From LG
Latest News
/
/
Albo Set To Go On Spending Spree As Retailers Respond To Rate Cut
Latest News
/
/
Xi Strikes A Deal With China’s Tech Billionaires
Latest News
/
/
RBA Cuts Rates, Full Statement Reveals Why
Latest News
/
/
Future Of Network 10 & Paramount Could Come Down To Deal With US President
Latest News
/
/

Digital Magazines

Recent Post

Samsung Dominated TV Market In 2024, Gained OLED Share From LG
Latest News
/
//
Comments are Off
Despite struggling in the Australian TV market Samsung Electronics captured 28.3% of the global TV market last year cementing their...
Read More