Increase in nominal spending contrasts with other recent surveys showing consumer confidence was languishing at depressed levels
Spending on the Fifa Women’s World Cup and a jump in education, insurance and petrol outlays nudged national spending higher last month, according to CommBank data capturing the spending of about 7m households.
A surge in international students lifted spending on education by 2.8% last month alone, accelerating the annual pace to 14.7% from 9% in July.cost of higher premiums flowed on to households With population expanding at an annual clip of more than 2% in the past year and consumer inflation running at about 5%, spending on a per capita basis is shrinking in real terms. Still, “the last three months have shown more resilience than the prior three-month period”, CommBank’s report said.
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