Australian household spending fell 0.3% in February due to Reserve Bank's interest-rate increase, despite a 76% increase in music festival spending.

Australian household spending fell in February as the Reserve Bank's interest-rate increase in late 2022 impacted consumer activity. The Commonwealth Bank's Household Spending Insights Index dropped by 0.3% during this period, with spending on music festivals increasing by 76% due to the popularity of Taylor Swift's concerts. However, this boost was not sufficient to counterbalance declines in seven of 12 categories of the index, leading to overall spending cuts.