Key points
- Nominal household spending rose 0.8% in June (NAB 0.8%, Consensus 0.2%).
- This was largely driven by discretionary spending, particularly in transport (+3.0% mom) and recreation & culture (+1.4% mom)
- The themes were similar to those flagged in the June NAB Spend Trend and point to some resilience in recent consumption outcomes.
- Household spending volumes were up 0.7% qoq in Q2.
- There is some upside risk to our Q2 real household consumption growth forecast of 0.4% qoq, though MHSI data have been a poor guide.
Read the full NAB Housing Monitor August 2026