Australia Household Spending Surges, Boosting Rate-Hike Bets

Australia’s household spending handily surpassed expectations in October to post its biggest increase since January 2024, boosting the case for an interest-rate hike next year.

Spending advanced 1.3% from September to exceed economists’ forecast for a 0.6% gain, governments data showed Thursday. From a year earlier, consumption climbed 5.6% versus estimates for a 4.6% increase.