What was the year-on-year growth rate of Australian household spending in March, and how did it compare to economists' expectations?

Australian household spending grew 6.3% from a year earlier in March, exceeding economists’ forecast of 6.1%, according to data from the Australian Bureau of Statistics.

What key factor drove the surge in household spending in March, and how did consumers adjust their behavior in response?

The spike in fuel prices in early March—driven by the outbreak of war in Iran and resulting disruptions to global supply chains—was the key driver; in response, motorists made smaller, more frequent trips to refuel, while increased public transport usage also contributed to sustained demand figures.

Australian Household Spending Rises at Fastest Pace in Two Years

May 4, 2026

Australian household spending surged 6.3% year-on-year in March, driven by gasoline price spikes linked to Middle East conflicts, complicating the Reserve Bank's monetary policy decisions. Despite budgetary pressures, actual spending behavior remains robust.

bloomberg

2026-05-04

Australian Household Spending Rises at Fastest Pace in Two Years

2026-07-20

New Zealand Q2 Inflation at 4.1% y/y, Above Forecast

Australian Household Spending Rises at Fastest Pace in Two Years

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