Key Points

• Consumer spending, according to NAB’s transaction data, went up 0.6% in December, which was driven by spendings
on services and discretionary items.
• Retail spending went down by 0.2% m/m after a strong growth during the Black Friday season in October and
November. Retail m/m growth in November was revised from 0.3% to 0.9%.
• Non-discretionary spending showed no change in December. Meanwhile, discretionary spending increased 0.9%.
• Overall, consumer spending increased 1.9% in 3-month average terms and 6.5% over the past 12 months.
• Business credits increased 0.9% m/m in December. Overall, business credits increased by 6.4 % over the past 12 months, or 7.0% excluding mining and agriculture.

Read the full report here: NAB Monthly Data Insights