Australian Household Spending Jumps on Sporting Events, Concerts

Bloomberg
2024-12-05

(Bloomberg) -- Australia’s household spending exceeded estimates in October, suggesting the final quarter of the year began on a stronger note as consumers bought tickets to international music concerts and sporting events.

Most Read from Bloomberg

  • As Wars Rage, Cities Face a Dark New Era of Urban Destruction
  • Riyadh Metro Partially Opens in Bid to Ease City’s Traffic Jams

Spending advanced 0.8% from the prior month, compared with a forecast 0.3% gain, Australian Bureau of Statistics data showed on Thursday. From a year earlier, it climbed 2.8% versus an expected 2.2% increase.

“Spending rose across all nine categories in October. This was led by recreation and culture, with households snapping up tickets for several major international music concerts and sporting events in 2025,” said Robert Ewing, ABS head of business statistics. “In contrast, goods spending growth was relatively subdued.”

Household spending is an important consideration in policy decisions given consumption accounts for more than half of gross domestic product. The Reserve Bank has repeatedly highlighted the outlook for household spending as a key uncertainty after lifting the cash rate to 4.35% in late 2023 and holding it there all this year.

The RBA meets Tuesday, with economists and markets predicting no change to rates. Governor Michele Bullock said last month that inflation remains too high to consider a cut in the near term. 

Her stance may come under challenge though after data on Wednesday showed the economy was only propped up last quarter by government spending and immigration. That prompted traders to bring forward bets on a first RBA rate reduction to April from May.

In seasonally adjusted, current price terms household spending on services rose 1.5% month-on-month, the ABS said.

Thursday’s data comes after retail sales figures, which cover goods spending by households, also exceeded expectations in October.

The ABS intends to cease publication of retail sales data from mid-2025, having switched to household spending, which is a more comprehensive report on consumption. 

--With assistance from Shinjini Datta.

Most Read from Bloomberg Businessweek

  • How a Billionaire’s ‘Baby Project’ Ensnared Dozens of Women
  • A New Method to Map the Brain: Infect It With a Virus
  • Who Will Clean Up Shell’s Mess in Nigeria?
  • The Billion-Dollar Railways Driving Biden’s Last Overseas Trip
  • Elon Musk’s Least Favorite Judge Strikes Again

©2024 Bloomberg L.P.

免责声明:投资有风险,本文并非投资建议,以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请,作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考,不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证,投资者应自行研究并在投资前寻求专业建议。

热议股票

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10