Household spending rises again in May
Household spending rose 7.9 per cent in May 2022, compared to the same time last year, according to figures released today by the Australian Bureau of Statistics (ABS).
Jacqui Vitas, head of macroeconomic statistics at the ABS, said household spending increased in all spending categories, with the largest increase in spending on services (10.2 per cent).
“Strength in the services categories was driven by transport (up 14.5 per cent), as air travel continued to recover, and higher petrol prices increased motor vehicle running costs.”
Strong growth was also seen in spending on miscellaneous goods and services (up 12.6 per cent), hotels cafes and restaurants (up 10.3 per cent), and recreation and culture (up 10.0 per cent).
All states and territories recorded increases in household spending in May 2022, compared to May 2021. Queensland (10.4 per cent), South Australia (10.4 per cent) and Victoria (9.1 percent) recorded the strongest increases in spending through the year.
Compared to pre-pandemic January 2020 estimates, total household spending was 10.0 per cent higher in current price, calendar adjusted terms, reflecting recovery in most spending categories. Transport (down 2.3 per cent) and hotels, cafes and restaurants (down 1.6 per cent) remained the only spending categories below pre-pandemic levels.
The line graph above shows the household spending index numbers in current price, calendar adjusted terms on goods and services.
- The indicator is produced using aggregated and de-identified card and bank transactions from several banking and financial institutions.
- The indicator includes 9 of the 13 key divisions classified according to the Classification of Individual Consumption by Purpose (COICOP).
- The indicator is produced in current price original and current price calendar adjusted terms only.
- Until the indicator is seasonally adjusted it is advised to focus on through the year (e.g. May 2022 compared to May 2021) comparisons.
- Care should be given when comparing Household Spending Indicator estimates with other ABS products.
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