Economic snapshot: 4 things to watch this month
Get up to speed with the latest economic update, offering insights into Australia's financial landscape.
Australia's economic landscape is in a state of flux. Data from Finder's Consumer Sentiment Tracker (CST), the Reserve Bank of Australia (RBA), the Australian Bureau of Statistics (ABS), and CoreLogic reveals rising home loans, climbing property prices, and increasing credit card spending. To navigate these dynamic trends, it's essential to stay informed. Our latest economic update provides a deep dive into these key indicators, analyzing their causes and exploring the potential ripple effects on your personal finances.
Highlights
- In December 2024, credit card purchases totaled $36.7 billion, while debit card purchases hit a record high of $57.85 billion, both showing increases compared to the previous month.
- Total household spending in Australia amounted to $75.2 billion, with $41.3 billion allocated to goods and $34 billion to services.
- Australia's unemployment rate rose to 4.1% in December, up from 4% in November.
- As of February 2025, the ABS reported that seasonally adjusted average weekly ordinary time earnings for full-time adults increased by 4.6% over the year, reaching $1,975.80.
Credit Card and Debit Card Usage Trends
In December 2024, the total value of credit card purchases in Australia reached $36.73 billion, showing a 0.39% increase from the previous month and a 6.49% rise compared to the same period last year. The number of transactions totaled 315.99 million, with a slight monthly increase of 0.04% and a 3.81% rise year-on-year. The average purchase value per card was $3,038.34.
Debit card purchases reached a record high of $57.85 billion, showing a 8.76% increase from the previous month and a 11.71% rise compared to the same time last year. On average, each debit card was used for purchases amounting to $1,318.59.
Monthly Household spending in Australia
According to ABS, total household spending in Australia reached $75.2 billion in December 2024, reflecting a 4.3% increase from the previous year. This included $41.3 billion spent on goods and $34 billion on services, with the average household spending amounting to $7,529.
Australians spend an average of $1,176 per month on food, $342 on alcohol and tobacco, and $435 on clothing and footwear. Monthly expenses for furnishing and household equipment average $540, while health-related costs are around $854. Transportation is the highest expense at $1,271 per month, followed closely by recreation and culture at $1,262. Spending on hotels, cafes, and restaurants averages $947 per month, with $701 allocated to miscellaneous goods and services.
Unemployment Rate increased to 4.1%
In January 2025, Australia’s unemployment rate rose to 4.1%, up from 4% in November. The total number of employed people reached 14,634,300. Full-time employment increased by 54,100 to 10,092,800, while part-time jobs fell by 10,100 to 4,541,500. The underemployment rate remained steady at 6%.
Average Weekly Earnings
As of February 2025, the ABS reported that the average weekly ordinary time earnings for full-time adults, seasonally adjusted, rose by 4.6% annually to $1,975.80. Men's earnings were $2,253.30 in the public sector and $2,038.00 in the private sector. Women's earnings were $2,027.20 in the public sector and $1,739.30 in the private sector.
For deeper dives into the numbers shaping Australia's economy, don't miss Finder's Insights Hub. Discover a wealth of statistics, consumer research, and expert commentary – your go-to source for understanding the financial landscape.
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