Australian Household Spending Growth Slows in August, CommBank Data Shows

2026-09-22 23:40Autor: Linda Hu

ZusammenfassungAustralia's Commonwealth Bank says household spending growth decelerated sharply in August, with its Household Spending Insights index rising just 0.1% month-on-month on a seasonally adjusted basis, down from 0.6% in July. Weaker income growth and a fading housing wealth effect are weighing on budgets, the bank says, as it and ANZ Australia both bring forward their forecasts for a Reserve Bank of Australia rate rise to September.

HouGarden Australia, 22 September — CBA's Household Spending Insights index rose 0.1% month-on-month in August on a seasonally adjusted basis, a sharp deceleration from the 0.6% pace recorded in July, the bank said. Annual growth on the same seasonally adjusted measure also slowed, to 4.7% from 5.2% in July.

"Spending indicators have been choppy in recent months, and seasonal factors have been strong, but nevertheless, we are seeing that household spending is tracking softer at this time of year compared to previous years," said Belinda Allen, CBA's Head of Australian Economics.

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CBA said the data points to a broad-based slowdown compared with higher growth rates recorded in earlier periods, as weaker income growth and a fading wealth effect from softer home values begin to strain household budgets. The bank noted that slower property turnover is also starting to show up in the spending figures.

Transport was the standout category in August, rising 2% for the month and 9% over the year, even as spending on public transport fell. CBA attributed persistently high inflation and uncertainty around oil prices as factors complicating the outlook for the Reserve Bank of Australia (RBA), Australia's central bank.

Across the 12 spending categories CBA tracks, five recorded gains in August and five recorded declines. The strongest increases were in essential areas: insurance rose 0.9% and health rose 0.3% for the month. Hospitality edged up 0.1% while recreation was flat following a strong July result.

Household goods spending fell 0.3% for the month. CBA said this category typically softens first when a housing downturn takes hold and property turnover slows. Education spending remained weak, down 5.5% over the year.

On the interest rate outlook, CBA has revised its forecast for the next RBA move, now expecting a rate rise at the RBA's September meeting rather than November as it had previously anticipated. The bank said the risk of a further increase beyond that depends on upcoming inflation data and how the conflict in the Middle East and oil prices develop.

ANZ's Australian economics team also on Monday forecast a 25-basis-point rate increase at the September RBA meeting, alongside a previously held expectation of a further 25-basis-point rise that had been pencilled in for November. Together, those two moves would take Australia's cash rate to 4.85%. ANZ's forecast reflects its assessment of Australian conditions and should not be confused with the views of ANZ New Zealand, which operates in a separate regulatory environment under the Reserve Bank of New Zealand.

For HouGarden readers who hold assets in Australia or follow trans-Tasman economic trends, the data underscores that Australian consumers are under growing financial pressure, a dynamic that could influence the broader Australian property market in the months ahead.

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