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 January 2025, credit card purchases reached $36.9 billion, a 0.73% increase from the previous month. Debit card purchases totaled $50.8 billion, reflecting a 12.14% decrease from the previous month.
- Total household spending in Australia amounted to $75.4 billion, with $41 billion allocated to goods and $34.4 billion to services.
- ABS reported that 6.7% of employed Australians held multiple jobs, with higher rates among women (7.6%) and young workers aged 20-24 (9%). Community and personal service workers had the highest rate at 9.9%.
- ABS reported that the total value of residential dwellings in Australia rose to $11.03 trillion, while the number of dwellings increased by 53,200. The average price dropped by $2,300 to $976,800.
Credit Card and Debit Card Usage Trends
In January 2025, the total value of credit card purchases in Australia reached $36.9 billion, showing a 0.73% increase from the previous month and a 5.5% rise compared to the same period last year. The number of transactions totaled 315.75 million, with a slight monthly increase of 0.05% and a 2.66% rise year-on-year. The average purchase value per card was $3,044.
Debit card purchases reached a record high of $50.8 billion, showing a 12.14% decrease from the previous month and a 4.92% rise compared to the same time last year. On average, each debit card was used for purchases amounting to $1,150.
Monthly Household spending in Australia
According to ABS, total household spending in Australia reached $75.4 billion in January 2025, reflecting a 2.9% increase from the previous year. This included $41 billion spent on goods and $34.4 billion on services, with the average household spending amounting to $7,541.
Australians spend an average of $1,179 per month on food, $335 on alcohol and tobacco, and $427 on clothing and footwear. Monthly expenses for furnishing and household equipment average $531, while health-related costs are around $877. Transportation is the highest expense at $1,277 per month, followed closely by recreation and culture at $1,266. Spending on hotels, cafes, and restaurants averages $941 per month, with $707 allocated to miscellaneous goods and services.
Multiple Job-Holders in Australia
In December 2024, the ABS reported that 1 million Australians, or 6.7% of employed individuals, held multiple jobs. This was more common among women, with 7.6% working multiple roles compared to 6.0% of men. Young workers aged 20-24 were the most affected, with 9% juggling multiple jobs. The highest rate was among community and personal service workers, at 9.9%.
Total Value of Dwellings in Australia
According to the ABS, the total value of residential dwellings in Australia rose by $26.4 billion this quarter, reaching $11.03 trillion. The number of residential dwellings increased by 53,200 to a total of 11,294,300. Meanwhile, the average price of residential dwellings fell by $2,300 to $976,800.
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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