Australian Consumer Spending Boosted by Soaring Fuel Costs
Dow Jones
Sep 15
0221 GMT - Australian consumer spending rose 1.1% in August, which at face value looks healthy, but exclude rising fuel costs and the increase falls to a more moderate 0.6% rise, says CBA. Non-discretionary spending rose 2.2% in August driven by a sharp 12% rise in fuel outlays, the bank adds. Total discretionary spending growth slowed to 0.4%, it adds. The small increase follows a 12% in July. The data comes as Canberra is ruling out another short-term cut to fuel taxes to ease the burden of rising oil prices.
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