Australian household spending increased by 1 per cent in November, according to the latest seasonally adjusted data from the Australian Bureau of Statistics (ABS). This rise, which includes the Black Friday sales period, significantly surpassed economists’ forecasts of 0.6 per cent and is expected to intensify inflation concerns held by the Reserve Bank of Australia. The November figures follow increases of 1.4 per cent in October and 0.4 per cent in September, indicating a consistent upward trend in household expenditure.
According to the ABS, services spending was a major contributor to the overall increase, climbing by 1.2 per cent. This growth was largely attributed to major events, such as concerts and sporting fixtures, which spurred higher spending on catering, transport, and recreation and cultural activities. Additionally, Black Friday sales played a significant role in boosting spending on furnishings and household equipment, which rose by 2.2 per cent. Clothing and footwear also saw a notable increase of 2 per cent, while recreation and culture spending rose by 1.7 per cent.
Across different states, Tasmania experienced the most substantial growth in household spending, recording a rise of 2.1 per cent. Western Australia followed with an increase of 1.7 per cent, while Victoria and Queensland both saw spending rise by 1 per cent. These figures highlight a broad-based increase in household expenditure across the country, reflecting strong consumer demand during the period.
