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 November 2024, credit card purchases totaled $36.6 billion, while debit card purchases hit a record high of $53.19 billion, both showing increases compared to the previous month.
  • Total household spending in Australia amounted to $74.5 billion, with $40.8 billion allocated to goods and $33.7 billion to services.
  • Australia's unemployment rate rose to 4% in December, up from 3.9% in November
  • Median house prices have risen by an average of 9.1%, while median unit prices have increased by an average of 5.3%..

Credit Card and Debit Card Usage Trends

In October 2024, the total value of credit card purchases in Australia reached a total value of $36.6 billion, marking a 1.46% increase from the previous month and a 5.76% rise compared to the same period last year. There were 316 million transactions, reflecting a slight monthly decrease of 1.21% but a 4.33% increase year-on-year. The average purchase value per card stood at $3,018.38.

Debit card purchases reached a record high of $53.19 billion, showing a 0.39% increase from the previous month and a 5.21% rise compared to the same time last year. On average, each debit card was used for purchases amounting to $1,215.

Monthly Household spending in Australia

According to ABS, total household spending in Australia reached $74.5 billion in October 2024, reflecting a 2.4% increase from the previous year. This included $40.8 billion spent on goods and $33.7 billion on services, with the average household spending amounting to $7,453.

Australians spend an average of $1,170 per month on food, $330 on alcohol and tobacco, and $427 on clothing and footwear. Monthly expenses for furnishing and household equipment average $533, while health-related costs are around $863. Transportation is the highest expense at $1,244 per month, followed closely by recreation and culture at $1,269. Spending on hotels, cafes, and restaurants averages $929 per month, with $688 allocated to miscellaneous goods and services.

Unemployment Rate increased to 4%

In December 2024, Australia’s unemployment rate rose to 4%, up from 3.9% in November. The total number of employed people was 14,584,416. Full-time employment decreased by 23,711, bringing the total to 10,037,597, while part-time jobs increased by 80,037 to 4,546,819. The underemployment rate saw a slight decline, dropping to 6% from 6.1% the previous month.

House and Unit Prices

Over the past year, median house prices have risen by an average of 9.1%. Meanwhile, median unit prices have increased by an average of 5.3%.

For those considering purchasing a property, here's a snapshot of the average prices of houses and units across different capital cities, along with the corresponding 20% deposit, monthly repayment based on 80% of the average price, and the required household income to stay below mortgage stress level (30%).

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.

William Capada's headshot
Written by

Insights Analyst

William Capada is an insights analyst at Finder. With years of experience as an analyst, he has honed his skills in analysing complex datasets and extracting actionable insights. Proficient in various analytical tools, he has a proven track record of delivering meaningful insights that drive strategic decision-making. William conducts research related to economic data and is also responsible for updating the insights statistics pages. He also assists in ensuring that the scoring makes sense for the Finder Retail Awards. See full bio

William's expertise
William has written 3 Finder guides across topics including:
  • Data Analysis
  • Data Visualization
  • Retail Awards
Graham Cooke's headshot
Co-written by

Head of Consumer Research

Graham Cooke is Finder’s Head of Consumer Research, overseeing data analysis on consumer spending and saving habits. He is a passionate advocate for financial literacy and consumer rights, regularly appearing on major TV networks like ABC News and 7 News, and contributing to top outlets like Yahoo Finance and Money Magazine. Graham holds a Bachelor of Science (Hons) in Nanotech and Physics, as well as Tier 1 and Tier 2 certifications (RG 146) that comply with ASIC standards. See full bio

Graham's expertise
Graham has written 57 Finder guides across topics including:
  • Home loans and the housing market
  • Credit cards & personal finance
  • Finder Awards
  • Retail economics & FMCG
  • Travel
  • Finder's RBA Cash Rate Survey, Consumer Sentiment Tracker, Cost of Living Pressure Gauge and Property Investment Index

Ask a question

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Go to site