Household Spending Intentions April 2023

The CommBank Household Spending Intentions (HSI) index for April 2023 declined by 4.3%/mth in original terms, led lower by Home buying, Health & fitness, Transport and Household services.  The weakness in April was partly driven by seasonal factors, ie. less trading days on the month due to the public holidays, but in seasonally adjusted terms the HSI index was also slightly down. In this podcast Stephen Halmarick, Chief Economist and Belinda Allen, Senior Economist dive into the details and note the continued fall in the pace of annual growth. Given the material lift in interest rates over the past year, a further slowdown in consumer spending is expected from here.

 

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