Spending figures show Australian economy running hot

As discussed by Sarah Hunter, households are facing significant headwinds, from elevated inflation and now rising mortgage interest rates, and momentum will ease further in the coming months.

The strength of the domestic economy which the new government will inherit was confirmed in the March household spending figures released today by the Australian Bureau of Statistics (ABS). Although slower than February, expenditure was still up 6.6 percent year on year, with the pace of growth higher than inflation. Spending on recreation and culture, clothing and transport led the way. Households are facing significant headwinds, from elevated inflation and now rising mortgage interest r...

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Authors: Sarah Hunter

Published Date: 25 May 2022