(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
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
©2024 Bloomberg L.P.
免責聲明:投資有風險,本文並非投資建議,以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請,作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考,不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證,投資者應自行研究並在投資前尋求專業建議。