Overview

• Consumer spending, according to NAB’s transaction data, declined 0.3% after rising 0.9% last month.
• Discretionary spending was broadly flat while spending in non-discretionary categories declined 0.8%.
• Overall, consumer spending increased 0.9% in 3-month average terms and 3.2% over the past 12 months.
• Business credits grew 0.4% m/m. Overall, business credits increased by 6.8 % over the past 12 months, or 8.5% excluding mining and agriculture.

Monthly Consumer Spending

• Total spending decreased 0.3% in September. Overall, total consumer spending increased 0.9% in 3 month average terms and 3.2% over the past 12 months.
• Retail spending also went down 0.6%, with matching decreases in both goods retail and cafes & restaurants.
• Spending on vehicles & fuel and essential services decreased 2.1% and 0.3% respectively while other spending went up 1.1%.
• Total spending on goods declined 0.8% and spending on services increased 0.3%. Discretionary spending was unchanged, but there was a decline of 0.8% in non-discretionary spending.

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