September was the 19th consecutive month in which household spending increased, according to the latest data from the Australian Bureau of Statistics.
Australians continue to be in a spending mood, and businesses throughout the economy are benefitting.
And the level of spending in September was 28.0% higher than the year before – with increases occurring in all nine categories monitored by the ABS:
- Clothing & footwear1%
- Hotels, cafes & restaurants6%
- Transport0%
- Recreation & culture6%
- Miscellaneous goods & services 1%
- Health 4%
- Furnishings & household equipment 9%
- Alcoholic beverages & tobacco 0%
- Food 3%
Spending also increased year-on-year in each state and territory:
- ACT4%
- Victoria 6%
- New South Wales 7%
- Queensland 2%
- South Australia2%
- Western Australia0%
- Tasmania 3%
- Northern Territory7%
The increased household spending is largely due to the eased Covid 19 restrictions across the country which now has returned to pre-pandemic levels.
On a real estate point of view, it’s not only the spending on commodities that has increased but also property rents, according to a previous post, thus making it more favorable to delve into the rental property market.
If you are planning to invest on rental properties, please contact us and we”ll be happy to discuss your plans.