[adning id=”12070″]

[adning id=”12070″]

Household spending growth slowing

Household spending rose 8.2 per cent in March compared to the same time last year, according to figures released today by the Australian Bureau of Statistics (ABS).

Robert Ewing, ABS head of business indicators, said through the year growth in household spending eased across all spending categories in March.

“Spending on discretionary goods and services rose 2.2 per cent, down from the recent peak in growth of 28.3 per cent in August 2022.

“Non-discretionary spending growth has also slowed, but to a lesser extent. In March, spending on non-discretionary goods and services increased 13.9 per cent, after peaking at 29.9 per cent in August,” Mr Ewing said.

The overall increase in household spending was driven by Hotels, cafes and restaurants (+22.8 per cent) and Transport (+16.0 per cent).

SBW24

Spending on goods rose 4.8 per cent, boosted by a 12.6 per cent increase in Food, while spending on services saw an 11.4 per cent rise.

“Rising prices are contributing to this growth. The March quarter Consumer Price Index showed services price inflation rose 6.1 per cent – its largest rise since 2001 – and goods price inflation rose 7.6 per cent,” Mr Ewing said.

State and territory results

Household spending increased in all states and territories in March 2023 compared to March 2022.

The Australian Capital Territory (ACT) recorded the largest increase in spending (+12.6 per cent), with large growth also seen in Food (+18.2 per cent) and Hotels, cafes and restaurants (+17.3 per cent).

The through-the-year rises were lower in all states and territories this month compared with last month. Queensland had the smallest rise in through-the-year spending with 7.0 per cent, dropping from 12.7 per cent in February.

Facebook
Twitter
LinkedIn
Email
Print

Leave a Reply

Your email address will not be published. Required fields are marked *

SUBSCRIBE FREE
SME NEWS BRIEFS

Get breaking news delivered
This field is for validation purposes and should be left unchanged.

RECEIVE GOVT GRANT OF $10K to $250K*.

Austrade Approved Business Events
AVAILABLE NOW APPLY BEFORE 30th MARCH 2021 (Condition apply)

  • ABF Events are approved and listed below have been certified by Austrade on the Schedule of Approved Business Events.
  • This allows exhibitors, sponsors, delegates and partners to participate in the Business Events Grant Program. Note event bookings need to be confirmed ASAP to participate in the grant program
  • The program provides 50% rebate (based on a minimum spend of $20k) for approved items including ABF event-media packages, exhibition stands, corporate function tables, delegate registrations.
  • Govt Grant applications are now open until the 30 March. Please contact ABF to discuss how we can assist, we have experts to assist grant applications.
  • Grant funding will cover up to 50% of eligible expenditure incurred in participating at pre-approved business-to-business events as buyers or sellers during the 2021 calendar year.  All grant applications must be submitted for approval via the following link: https://business.gov.au/grants-and-programs/business-events-grants
  • For further information please see this fact sheet.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?