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.
March 12, 2024
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