Indicators
Australia’s Household Spending Strengthens, Backing RBA Caution
Household spending makes up more than half of gross domestic product in Australia.
Photographer: Brent Lewin/BloombergAustralia’s household spending strengthened in January, suggesting the year opened on a positive note while reinforcing the central bank’s cautious approach after cutting interest rates.
Spending advanced 0.4% from the prior month, when it rose a downwardly revised 0.2% and compared with a forecast 0.5% gain, Australian Bureau of Statistics figures showed on Friday. From a year earlier, it climbed 2.9%.