Monthly Household Spending Indicator in Australia

The Monthly Household Spending Indicator (MHSI) measures Australian households' spending on goods and services. From July 2025 it replaces the Retail Trade survey and captures a broader range of outlays than retail alone by including services. It is published by the Australian Bureau of Statistics (ABS).

The ABS aggregates bank card transaction data (rather than a business survey), classifies it by purpose of spending (COICOP) and applies seasonal and calendar adjustment. It is released in current prices (monthly) and volume terms (quarterly); the headline is the month-on-month change in total seasonally adjusted current-price spending.

It provides an early read on private consumption, the largest component of GDP, feeding both growth estimates and the Reserve Bank of Australia's policy deliberations. A strong figure supports the Australian dollar and expectations of higher rates.

It is a short series (starting in 2019) and prone to revision: the seasonal adjustment is re-estimated at each release, so prior months can change. Because it is built on card transactions, it is sensitive to shifts in payment habits.