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Economics update | November 11, 2022
11 Nov 2022
Household spending increases in September
Despite rising inflation and interest rates, household spending continues to rise, up 28 per cent in the year to September. This marks the 19th consecutive monthly increases in household spending.
All categories recorded an increase, led by clothing and footwear (up 73.1 per cent in the year to September); hotels, cafes and restaurants (up 60.6 per cent); and transport (up 53 per cent). Spending on services (up 45.4 per cent in the year to September) continues to outpace goods (up 15.4 per cent), whilst the ACT recorded a significant 71.4 per cent increase in household spending over the past year, leading both Victoria (38.6 per cent) and NSW (37.7 per cent).
With household spending growth continuing to put pressure on inflation, this data will likely have some influence on the Reserve Bank’s cash rate decision when it meets next on December 6.
September business turnover fell for seven of 13 published industries
ABS monthly Business Activity Statements show turnover fell in seven of the 13 published industries. The largest decline was recorded in electricity, gas, water and waste services (-18.9 per cent), followed by other services (-3.3 per cent). This marks the first downturn in business turnover for many industries, suggesting the Reserves Bank’s efforts to tighten monetary policy is beginning to slow economic activity in many sectors.
Overall, the weaker turnover in September did little to take away from the strong positive growth in turnover of all industries over the past year, led by accommodation and food services (65.6 per cent) and arts and recreation (52.9 per cent). The strength in these number is largely driven by the recovery from the COVID delta lockdowns on business turnover in September 2021.
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