Australian households have defied increased cost of living pressures, continuing to spend big throughout January and increasing the likelihood of more rate rises.
Data released on Tuesday by the Australian Bureau of Statistics showed big rises in both discretionary and non-discretionary spending, with transport, hospitality and clothing and footwear the main drivers of growth.
In a statement following the latest rate increase last week Governor Lowe wrote he expected further rises might be needed to"ensure that inflation returns to target". The 38.5 per cent increase in hospitality outlay was compounded by a 17 per cent rise in spending on recreational and cultural services suggesting families retained a strong appetite for non-essential spending despite record rate hikes.
Speaking last Tuesday at the Australian Financial Review Business Summit, CommBank CEO Matt Comyn said trading across many sectors of the economy were as strong as ever.
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