Australia Household Spending Jumps 0.8% to A$81.3 Billion as EV and Travel Demand Strengthens
Updated
Updated · Finimize · Aug 4
Australia Household Spending Jumps 0.8% to A$81.3 Billion as EV and Travel Demand Strengthens
3 articles · Updated · Finimize · Aug 4
Summary
A$81.3 billion in June household spending beat forecasts with a 0.8% monthly rise, far above the 0.2% increase economists expected.
Transport drove the gain: spending on new vehicles rose 3.0%, with EV sales increasing over the year, while travel demand and fuel volumes also strengthened.
Annual spending growth accelerated to 6%, a three-month high, and real June-quarter household outlays rose 0.7% to A$227.8 billion, supporting a firmer near-term growth outlook.
The surprise complicates the RBA's 4.35% rate stance, though uneven consumer demand and weaker housing still leave traders cautious about pricing another hike this year.