Financial News: Australia Household Spending Growth Weakens, Trade Surplus

Australia Household Spending Growth Weakens, Trade Surplus Declines

(RTTNews) - Australia's household spending grew at a slower pace in August and the trade surplus declined sharply as exports of gold decreased dramatically, official data showed on Thursday.

Household spending rose only 0.1 percent from July, when consumption grew 0.4 percent, the Australian Bureau of Statistics said. This was the weakest expansion in four months.

"The small rise in August was the fourth increase in a row, and spending has risen in 10 of the last 12 months," ABS head of business statistics Lauren Binns said.

Year-on-year, household spending growth slowed to 5.0 percent from 5.3 percent in July. Nonetheless, growth remained elevated.

Binns said households spent more on booking airline travel and accommodation services, while goods spending dropped 0.2 percent.

Another report from ABS showed that the trade surplus increased to A$1.8 billion in August from A$6.6 billion in July.

Exports of goods advanced 7.8 percent in August from the previous month as shipment of non-monetary gold plunged 47.2 percent. Meanwhile, imports grew 3.2 percent driven by consumption goods.

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