Australia household spending is flat in August after strong run
Tweet
Share
E-mail
A woman arrives to a department store at a shopping mall in Sydney October 4, 2012. REUTERS/Daniel Munoz
SYDNEY, Sept 29 (Reuters) - Australian household spending was flat in August as consumers cut back on everything from food to clothing and culture, data showed on Tuesday, while they forked out more for fuel.
The Australian Bureau of Statistics' monthly household spending indicator was unchanged in August at A$82.3 billion ($57.71 billion). Analysts had expected a rise of around 0.3% after a surprisingly strong 1.1% jump in July.
The annual pace of spending growth was still robust at 6.8%, showing resilience to higher borrowing costs. The strength of consumption is one reason the Reserve Bank of Australia is expected to raise interest rates for a fourth time this year later on Tuesday.
($1 = 1.4261 Australian dollars)
(Reporting by Wayne Cole; Editing by Thomas Derpinghaus)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Battered bond market braces for a new era of interest rates
- Haiti gang retaliation leaves at least 11 dead after security operation
- With national holidays approaching, Chinese workers demand a proper break
Create E-mail Alert Related Categories
ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
