Australia Household Spending Growth Strongest Since Early 2024

(RTTNews) - Australia's household spending grew the most since early 2024, data published by the Australian Bureau of Statistics said Thursday.

Household spending increased 1.3 percent on a monthly basis in October, faster than September's 0.3 percent rise. Spending marked the biggest growth since January 2024, when it was up 1.6 percent.

On a yearly basis, growth in household spending accelerated to 5.6 percent from 5.1 percent in September.

"Discretionary spending surged this month led by goods as promotional events saw households spend more on clothing, footwear, furnishings and electronics following months of weaker spending in these categories," ABS head of business statistics Tom Lay said.

"Services spending also rose in October, as major concerts and cultural festivals drove up demand for catering, hospitality and hotel stays in major cities," said Lay.