The Commonwealth Bank’s Household Spending Insights Index has recorded a monthly 0.3% increase, marking a sixth consecutive month of growth in household spending, following a 0.7% rise in July and 0.5% increases in both May and June.

Nine out of 12 spending categories saw increases in August. Utilities experienced the most significant growth, with a 2.9% rise. Communications and Digital followed with a 1.0% increase. Recreation and Education both saw a 0.6% rise, while Household Services increased by 0.5%.

Other categories with modest increases included Motor Vehicles, Health, Transport, and Hospitality. However, not all categories experienced growth. Insurance saw a 0.1% decline, marking its first monthly fall since January 2024. Household Goods and Food & Beverage Goods both decreased by 0.3% and 0.1% respectively.

The CommBank stated, “Overall consumer spending momentum remained solid across Australia, while Sydney’s wettest August in decades dampened the rise in spending in the harbour city.”

Sydney’s spending was notably affected by the weather, with the city experiencing its wettest August in decades. This weather condition contributed to dampening the rise in spending in the region.

It noted, “The CommBank Household Spending Insights Index recorded another month of gains in August, extending six consecutive months of better growth as household spending returns to a more stable footing.”

The HSI Index provides a detailed view of consumer spending patterns across Australia, with its latest figures indicating a continued trend of growth despite regional variations influenced by external factors such as weather conditions.