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1. The ABS’ nominal household spending indicator (HSI) rose +0.3% m/m in January following a 0.5% m/m decline in December post Black Friday sales.
Nominal spending on services rose +1.0% m/m, with the ABS noting that it was “driven by other services including digital streaming services and travel agency and tour services”. Goods spending declined 0.3% m/m, with lower spending on motor vehicle purchases and recreation and culture goods.
2. Year-ended growth in the nominal HSI slowed to +4.6% in January but was 5.4% excluding alcohol and tobacco. (The ABS only captures legal tobacco sales which have plummeted amid surging sales of illegal tobacco. Unfortunately the ABS does not publish tobacco sales separately from alcohol.)
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