This is the first release of a new experimental monthly household spending indicator using aggregated, de-identified banks transactions data. The indicator provides early insights into household consumption with approximately 68% coverage. Household consumption is approximately 50% of Gross Domestic Product (GDP).
The indicator will be published eight weeks after each month. Over time, we expect to shorten the publication lag.
The ABS would like to thank and acknowledge the ongoing support of the participating banks who have enabled the production of this new monthly household spending indicator.