Cyclical Upswing in Australia's Consumer Spending Underway, Westpac says

MT Newswires Live01-23

Australia's consumer spending is going through a cyclical upswing, and has been for most of 2025, with a particularly strong December quarter, which is not just a blip related to shifting patterns of pre-Christmas shopping, said Westpac in a Friday report.

Westpac said that this upswing should not be interpreted as necessarily signalling a problematic inflationary boom, as the weak growth in consumption of recent years would be the wrong basis of comparison for the subsequent recovery.

The bank added that if consumer demand really were straining against supply, the pattern of increases in inflation would be different, and consumption imports and credit growth would be stronger. But that is not what the latest data show.

The bank believes that there are several possibilities for the outlook for consumption, with some being more benign than others.

The bank sees household income as the key driver, which has finally recovered enough to allow people to spend more.

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