Spending Across Australia Stalls

Spending levels across the Australian economy stalled last month, according to the latest Business Sales Indicator released by the Commonwealth Bank on Monday, Business Insider reported. The BSI—a measure on the value of credit and debit card transactions processed through Commonwealth Bank merchant facilities over a particular month—came in flat in April in trend terms, decelerating further following a downwardly-revised 0.1% increase reported in March. Not only a poor result, but well below the 0.5% average monthly increase that has been seen over the prior 12 months. As a result of the recent weakness, the annual rate slowed to a four-month low of 5.8%, down marginally on the 5.9% pace reported in the 12 months to March. While the BSI only captures spending through Commonwealth Bank merchant facilities, given it is the largest retail bank in Australia, the spending patterns it sees are likely to be a reasonable reflection of broader spending patterns across the Australian economy.