The Australian Bureau of Statistics (ABS) has harnessed new ‘big data’ in an experimental method to produce new insights into household spending.
Head of Macroeconomic Statistics Division at the ABS, Jacqui Vitas said the new experimental monthly measure of household spending expanded the suite of ABS’s monthly indicators.
“This new indicator uses aggregated, de-identified banks transactions data to produce more frequent household spending insights,” Ms Vitas said.
“Household Consumption contributes around 50 per cent of Australia’s gross domestic product, so is a key component of the economy,” she said.
“The new data will enable Governments, researchers and businesses to identify shifts in spending behaviour by spending category and by State and Territory.”
Ms Vitas said the first ABS Monthly Household Spending Indicator showed spending increased 8.6 per cent in December 2021 compared to December 2020 “in current price, calendar adjusted terms”.
“The largest spending increases were on furnishings and household equipment (27.4 per cent) and hotels, cafés and restaurants (23.6 per cent),” she said.
“However, spending on recreation and culture fell 8.9 per cent through the year.”
Ms Vitas said the Household Spending Indicator was the latest in a series of new economic indicators announced by the ABS in October 2021, which would use big data to provide new insights into the economy.
