Australian consumers continued to drive strong economic growth in the country’s economy, with data showing that household spending rose 6.6% in March, following the rise in January and February.
The largest increases were in spending on entertainment and culture, which increased by 17.8% compared to the previous year.
Expenditures on clothing and footwear increased by 15.2%, while those on transport increased by 12.5%, according to the Statistical Service of Australia.
The strong spending came amid falling consumer confidence and forecasts that the central bank would quickly raise official interest rates and tame inflation.
Rising cost of living – partly due to high fuel prices – and declining real wages are also increasing the “threats” to consumer spending.
Source: Capital
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