When the ABS released the previous installment of its Household Spending Indicator (which has replaced its retail sales index) last month, the data was further fuel for the narrative that the next move in interest rates would be up.
The data revealed that October held the highest month on month growth in nominal household spending since January 2024, up by 1.6%, with the rolling annual rate of growth accelerating to 5.6%, the highest level since September 2023.
Today’s data has only reinforced that expectation further, with household spending up 1.0% for the month of November and up by 6.3% on a rolling annual basis, the equal strongest reading since September 2023.
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