The CommBank Household Spending Insights (HSI) Index saw a slight rise in June of 0.6% from May, driven by increased spending on recreation (+3.2%) and hospitality (+2.1%).
Spending on essentials like insurance (+8.8%), utilities (+6.8%), and transport (+5.7%) saw the biggest jumps over the year to June.
Renters’ spending dropped 0.9% year-on-year, compared to increases for those with a mortgage (+1.5%) and outright owners (+2.1%).
“This suggests younger Australians, who are more likely to be renting, are tightening their wallets and likely spending more on essentials, given these are the fastest growing spending categories so far this year,” CBA chief economist Stephen Halmaric said.
