Australian Household Spending Beats Expectations in November

Australia’s household spending rose at a faster-than-expected pace in November, indicating consumers are feeling confident about their finances even as inflation and borrowing costs remain elevated.

Consumption rose 1% from the prior month to surpass economists’ predictions for a 0.6% gain, according to data from the Australian Bureau of Statistics Monday. This represents an on-year jump of 6.3%, which also exceeded forecasts.