Australian Household Spending Gauge Drops as Rate Hikes Bite
- Household spending slid 0.3% in February, weak over summer
- Outlays on Taylor Swift tickets lifted some areas, not enough
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Australia’s household spending declined in February, the nation’s largest lender said, as the Reserve Bank’s interest-rate increase late last year weighed further on consumer activity.
The Household Spending Insights index fell 0.3% to 141.6 points, led by declines in household goods and transport, Commonwealth Bank of Australia said on Wednesday. Spending gained on utilities, health and hospitality — the latter led by a 76% jump in music festivals — but wasn’t sufficient to counter the falls.