Australians’ Spending Set to Slow as Rate Hikes Bite, CBA Warns

Australia’s consumer spending lifted in January, buoyed by tennis and other summer events, private data showed, though expectations of higher borrowing costs may curb momentum in the months ahead.

Commonwealth Bank of Australia’s latest figures showed household spending rose 0.5% in January, extending the run of growth to 16 consecutive months. The Australian Open and a solid job market underpinned the rise, with recreational spending rising 1% across the month.