The ABS first released the Monthly Household Spending Indicator on Tuesday 22 February 2022. Enhancements to the Monthly Household Spending Indicator (MHSI) will enable the Australian Bureau of Statistics (ABS) to cease publication of Retail Trade, Australia in August 2025, providing users with a more comprehensive view on household consumption.
The Monthly Household Spending Indicator is derived using aggregated, de-identified banks transactions data from some of Australia’s banking and financial institutions.
The ABS transforms the banks transactions data in order to derive the Monthly Household Spending Indicator. As this data is not designed for statistical purposes, its scope varies from Australian National Accounts concept of household final consumption expenditure (HFCE) and the Retail Trade turnover estimates for retail businesses.
The primary difference between the Retail Trade Survey and the household spending indicator is scope. The Retail Trade Survey focuses on measuring turnover, from sole traders and businesses across the Retail industry that predominantly sell to households. The Household spending indicator is recorded at the point of transaction on goods and services across all relevant industries, not just retail, to track a broader range of consumer spending.
For more information on how the Retail Trade Survey and new experimental monthly household spending indicator differ please see Comparison with Retail Trade and Monthly Household Spending Indicator, Methodology.