With the release of the latest national accounts earlier this month, it was revealed that household consumption spending had picked up in the June quarter, rising by 0.9% in real terms.
While 0.4 percentage points worth of that rise was driven by the growth in the working-age population, in overall terms it marked the equal strongest contribution to headline growth through household consumption since 2022.
It is, however, worth noting that part of this was driven by base effects due to electricity subsidies rolling off, which, from a national accounts perspective, sees consumption spending move from the government column to that of households.
