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The latest bank spending data suggests that Australian households are growing increasingly cautious heading into 2023.
CBA’s card spending data to 16 December shows “that a moderation of spending growth is underway” with total spending clearly falling over December:
CBA also note that as “the full extent of the rate hikes flow through, and many mortgage holders roll off their fixed rate in 2023, we expect to see a more significant slowing in household consumption”.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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