Household spending surges as savings drawn down

CBA economics has released its internal card spending data for the week ended 4 February, which shows that national household spending has picked-up:

Both online and in-store spending growth rose, as did retail and non-retail spending, as well as spending on goods and services:

Spending growth has also been broad-based across states:

As we know, Australian households are awash with savings:

Therefore, they are well placed to ramp-up spending.