Australian household spending bounced back in September, driven by rising petrol prices and increased travel demand for sports events.

(1) Data released on Wednesday showed that Australia's household spending rebounded in September, mainly due to rising gasoline prices driving up household fuel expenditures, while large-scale sporting events also boosted demand for air travel. (2) According to the Australian Bureau of Statistics, its Monthly Household Spending Indicator (MHSI) increased by 0.6% month-on-month in September to AUD 82.6 billion (USD 57.55 billion). Analysts had originally expected an increase of about 0.2%, while the indicator fell by 0.1% in August. (3) The year-on-year growth rate of household spending in September remained at a robust 6.8%, indicating that household spending remains resilient despite rising borrowing costs.