A snippet from Australian commercial bank CBA on the bank's internal credit & debit spending data.
CBA comment:
- data to 12 August 2022 points to some further gradual moderation of spending growth across the country
- In aggregate, consumers are still spending quite strongly, but the rate of spending growth is falling
While consumer confidence has been plunging spending has held up well. The latest publication of ANZ's weekly consumer sentiment survey is along soon. Its been very weak indeed. Last week it hit its lowest since April 2020
