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Australian household spending edged higher in September as gains in food, health, and petrol were offset by drops in air travel and accommodation, suggesting a patchy recovery in consumer demand. Monday's data from the Australian Bureau of Statistics showed its monthly household spending indicator (MHSI) rose 0.2% in September, after a flat result in August. Spending on services was unchanged in the month, while spending on goods rose 0.4%. The annual pace of spending growth picked up to 5.1% from 4.9%. In real terms, spending for the whole third quarter rose a modest 0.2%, slowing from a strong 0.9% gain in the June quarter. The Reserve Bank of Australia has cited a pick up in consumption as one reason, along with sticky inflation, for caution on further cuts in interest rates.
