July 14, 2025

NAB Economics Monthly Data Insights – June 2025

Total spending grew 0.9% in June.

Overview

  • Consumer spending rose 0.9% in June, slowing from the stronger 1.2% increase in May.
  • Goods retail spending grew 1.1% mom. Meanwhile, spending on cafes & restaurant slowed to 0.1% mom. Retail spending rose 0.9% in June, to be up 2.0% in 3-month average terms and 7.1% over the past 12 months.
  • Discretionary spending rose 1.1% mom, and non-discretionary spending grew 0.7% mom. Discretionary spending growth has risen more strongly than essentials spending in each the past three months.
  • Our Q2 data suggests that spending picked up as the second quarter progressed. However, the growth momentum remained weaker than we had anticipated six months ago.
  • NAB forecasts a 0.3% increase in real consumption in the Q2 2025 GDP data.

Monthly Consumer Spending

  • Total spending grew 0.9% in June. Overall, consumer spending increased 2.1% in Q2 and is up 7.6% over the past 12 months (in nominal terms).
  • Retail increased 0.9% mom with a strong growth in goods retail (1.1% mom) while hospitality spending slowed to 0.1% mom.
  • Spending increased in all non-retail categories including vehicles & fuel (1.4% mom), essential services (0.7% mom) and other spending category (1.0% mom).
  • Goods spending increased 1.2% and services spending rose 0.7% mom. Discretionary spending increased 1.1% mom and non-discretionary spending grew 0.7% in June.

For further details please see NAB Monthly Data Insights (June 2025)

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