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AU Monthly Data Insights – February 2024
Consumer spending, according to NAB’s transaction data, was broadly steady in February, up 0.1% m/m, after a strong rise in January. Growth in retail spending was also subdued. • Discretionary spending declined slightly, while non-discretionary spending rose in the month. • Business credits were also broadly steady, declining 0.2% m/m. Comments from NAB Chief Economist Alan Oster: • “Our monthly transaction data suggest spending was more subdued in February after a reasonably strong pickup to start the year in January.” • “Retail spending looks like it was reasonably flat in the month, which could ... (full story)