CommBank Household Spending Insights September 2023

CommBank Global Economic & Markets Update podcast

The CommBank Household Spending Insights (HSI) index for September 2023 rose by 0.5%/mth in seasonally adjusted terms, to 137.4. This was the same monthly increase as the revised outcome for August. Gains in September were led by Hospitality (fast food and restaurants), Food & beverage goods (liquor stores), Transport (higher fuel prices) and Education. It is worth noting, however, that 5 of the 12 spending categories saw declines in September, including Recreation (travel agents and ski fields), Utilities (government rebates at work), Health, Household services and Household goods. In this podcast, Stephen Halmarick, Chief Economist and Belinda Allen, Senior Economist discuss the September results and how recent resilience in household spending could impact the RBA.

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Before listening to this podcast, you are advised to read the full Global Economic & Markets Research (GEMR) disclaimers, which can be found at www.commbankresearch.com.au. Information in this podcast is of a general nature only. It does not take into account your objectives, financial situation or needs and does not constitute personal financial advice. This podcast provides general market-related information, and is not investment research and nor does it purport to make any recommendations. The information contained in this podcast is approved and distributed by Global Economic & Markets Research (GEMR), a business division of the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945 (“the Bank”). The information is solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or other financial products. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Where ‘CBA data’ is cited, this refers to the Bank proprietary data that is sourced from the Bank’s internal systems and may include, but not be limited to, home loan data, credit card transaction data, merchant facility transaction data and applications for credit. The data used in the ‘Commonwealth Bank Household Spending Intentions’ series is a combination of the CBA Data and publically available ABS, CoreLogic and RBA data. As analysis is based on CBA customer transactions, it may not reflect all trends in the market. All customer data used or represented in this podcast is anonymised before analysis and is used, and disclosed, in accordance with the Bank’s Privacy Policy. The Bank believes that the information in this podcast is correct and any opinions, conclusions or recommendations made are reasonably held and are based on the information available at the time of its compilation. The Bank makes no representation or warranty, either expressed or implied, as to the accuracy, reliability or completeness of any statement made.