Australia household spending rises 1.1% in July

SYDNEY, Aug 27 (Reuters) – Australian household spending gained for ​a third month ‌in July as consumers splurged on recreation, food and health, ‌data ​showed on ⁠Thursday, suggesting ⁠demand was holding up in the face of rising borrowing ​costs.

Data from the Australian Bureau ⁠of Statistics ⁠showed its monthly ​household spending indicator (MHSI) ​rose 1.1% in July ‌to A$82.34 billion ($59.13 billion). Analysts had expected a slowdown ⁠after a solid 1% increase in June.

The annual ⁠pace ‌of spending ⁠growth picked up ​to ‌7% in July, the ​fastest ⁠pace since June 2023.

($1 = 1.3926 Australian dollars)

(Reporting by Stella Qiu; Editing by Muralikumar ​Anantharaman)