Household spending is up in comparison with the identical time final yr, however progress has slowed significantly because the finish of 2022.
New ABS figures out on Tuesday present {that a} progress price of six per cent in April continues the development down from a 29.1 per cent peak in August.
Kate Lamb, head of business indicators at ABS stated the downward trajectory was brought on by a decrease progress in spending on shopper providers “like holiday travel or eating out, which continues to normalise following the Covid-19 pandemic”.
The figures present the very best spending progress for the month was transport, which was up 15.5 per cent, however which remains to be considerably decrease in comparison with their August peak of 63.5 per cent.
“Spending growth for goods has also slowed but to a lesser extent, as inflation continues to increase spending on food,” Ms Lamb stated.
The figures have been launched simply hours earlier than the Reserve Bank makes its determination on whether or not to lift rates of interest or depart them on pause.
Meanwhile, the ABS has revealed the variety of accepted whole dwellings fell 8.1 per cent in April.
Private sector homes fell 3.8 per cent, whereas all different personal sector dwellings fell 16.5 per cent.
The figures reveal the worth of recent residential constructing fell 2.7 per cent, whereas the worth of non-residential buildings rose 13.5 per cent, with the whole worth of constructing rising 4.7 per cent.
Source: www.perthnow.com.au
