5.39% p.a. for owner occupied P&| 2 fixed term at ≤70% LVR (comparison of 6.02%)*

Household spending rises 6.0%

Consumers remain in a spending mood, but there’s been a clear reduction in the rate at which their spending has been increasing.

Households spent 6.0% more in April than the year before, according to the Australian Bureau of Statistics (ABS).

That compares to 29.1% through-the-year growth in August 2022.

“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,” according to the ABS’s head of business indicators, Kate Lamb.

The April data also revealed the continuation of another trend, with growth in services spending (8.4%) exceeding goods spending (3.6%).

Throughout the pandemic year of 2020, spending on goods increased, while spending on services decreased. Since early 2021, spending has consistently increased for both categories – but at a faster rate for services.

Let's get you your dream house

We would love to hear about your goals and help you achieve them. Book a free consultation session or call us.

Kishor Acharya, Principal Broker

Are you a first home buyer?

Subscribe to our Newsletter

Subscribe to our Newsletter and get free access to our pdf guide we have prepared for first home buyer.