Household spending in Australia, December, -3.1% m/m (prior +1.8%) ...Middle East

Commonwealth Bank of Australia's CommBank Household Spending Insights (HSI) index for December 2023-3.9% m/mprior +1.6%eight of the 12 HSI spending categories declined in December, led by a significant -16% m/m fall in Household goodsFor the y/y, +3.1%prior +4.0%CBA add that with the annual rate of inflation in the December quarter expected to be just above 4%, spending is negative in real terms and will remain weak on a real perCBA emphasise the "volatility in spending stemming from the Black Friday/Cyber Monday sales — which have brought forward shopping related to the holiday period".the pace of economic growth in Australia clearly moderatingthe November RBA rate hike yet to fully impact

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