SYDNEY, Aug 27 (Reuters) – Australian household spending gained for a third month in July as consumers splurged on recreation, food and health, data showed on Thursday, suggesting demand was holding up in the face of rising borrowing costs.
Data from the Australian Bureau of Statistics showed its monthly household spending indicator (MHSI) rose 1.1% in July to A$82.34 billion ($59.13 billion). Analysts had expected a slowdown after a solid 1% increase in June.
The annual pace of spending growth picked up to 7% in July, the fastest pace since June 2023.
($1 = 1.3926 Australian dollars)
(Reporting by Stella Qiu; Editing by Muralikumar Anantharaman)
