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Broad Trends in Australian Household Spending Points to Waning Consumer Demand, ANZ Says

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The broad trends in household spending in Australia pointed to a waning in consumer demand after a strong final few months of 2025, ANZ said on Thursday.

Total household spending in April was AU$79.42 billion, up 4.9% compared with April 2025, and down 1.1% month-on-month on a current price, seasonally adjusted basis, after a 1.6% increase in March.

The data is consistent with the weakness in consumer confidence, the low level of auction clearance rates, and slightly better-than-expected inflation data for April. The latter suggests that firms might be struggling to pass price and cost increases through to consumers.

The month-to-month volatility in household spending reflects both swings in fuel prices, but also some noise in the ex-fuel spend, which is estimated to have fallen 0.8% in April after a 0.7% increase in March.

The first quarter capital expenditure (capex) data was particularly strong, with total capex up 6.5% in the quarter to be 14.6% higher over the year.

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