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According to the CBA HSI, Australian household spending rose strongly in March, increasing 2.9% after a February dip, largely driven by a sharp rise in fuel costs linked to Middle East tensions.
Transport spending jumped 22.9%, accounting for over half the monthly increase, while overall spending still grew 1.0% excluding transport, with gains across all categories.
Recreation and hospitality also rose modestly, supported by major events, while utilities and insurance spending increased due to policy and pricing changes.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.