SYDNEY, Sept 29 (Reuters) – Australian household spending was flat in August as consumers cut back on everything from food to clothing and culture, data showed on Tuesday, while they forked out more for fuel.
The Australian Bureau of Statistics’ monthly household spending indicator was unchanged in August at A$82.3 billion ($57.71 billion). Analysts had expected a rise of around 0.3% after a surprisingly strong 1.1% jump in July.
The annual pace of spending growth was still robust at 6.8%, showing resilience to higher borrowing costs. The strength of consumption is one reason the Reserve Bank of Australia is expected to raise interest rates for a fourth time this year later on Tuesday.
($1 = 1.4261 Australian dollars)
(Reporting by Wayne Cole; Editing by Thomas Derpinghaus)
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