March 13, 2024

NAB Economics Monthly Data Insights – February 2024

Our monthly transaction data suggest spending was more subdued in February

Overview

  • Consumer spending, according to NAB’s transaction data, was broadly steady in February, up 0.1% m/m, after a strong rise in January. Growth in retail spending was also subdued.
  • Discretionary spending declined slightly, while non-discretionary spending rose in the month.
  • Business credits were also broadly steady, declining 0.2% m/m.

Comments from NAB Chief Economist Alan Oster

“Our monthly transaction data suggest spending was more subdued in February after a reasonably strong pickup to start the year in January.”

“Retail spending looks like it was reasonably flat in the month, which could reflect a mix of price movements as well as volumes, though hospitality spending was a bright spot with strong growth in cafes & restaurants.”

“With the volatile Christmas period now in the rear-view mirror, we can start to get a bit of a clearer picture and it appears consumers remained under pressure in early 2024.”

For further details please see NAB Monthly Data Insights (February 2024)

Countdown to climate risk reporting

Countdown to climate risk reporting

16 April 2024

Mandatory climate disclosures are on the way for thousands of businesses and organisations in Australia, with a start date as early as next year planned for the largest corporates. NAB unpacks what’s on the horizon.

Countdown to climate risk reporting

Article