Report published September 29, 2026

Household Spending: Flat in August, Below Expectations – Goldman Sachs Research

Goldman Sachs · September 29, 2026

Australian nominal household spending was unchanged at 0.0% mom in August 2026, falling short of consensus (+0.4% mom) and bringing annual growth down to 6.8% yoy. Excluding a sharp rise in fuel spending driven by the restoration of the fuel excise duty, spending declined 0.3% mom.

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.Australian nominal household spending was flat (0.0% mom) in August, missing consensus expectations of +0.4% mom and GS expectations of +0.5% mom.
2.Year-over-year household spending growth slowed by 20bp to 6.8% yoy.
3.Excluding fuel, household spending fell 0.3% mom, with discretionary spending declining 0.3% mom while non-discretionary spending rose 0.6% mom.

Exhibit 1: Nominal household spending growth slowed a little in August
Exhibit 2: Key monthly data
The Australia and NZ Economics Team

Report data

Exhibit 1: Nominal household spending growth slowed a little in August

Metric	Estimate	Context
Nominal household spending	0.0 % mom	Below expectations of +0.5% mom (GSe) and +0.4% mom (Bloomberg consensus)
Nominal household spending	6.8 % yoy	Slowed from 7.0% yoy in July 2026
Household spending excluding transport	-0.4 % mom	Contracted after rising 1.2% mom in July 2026
Discretionary spending	-0.3 % mom	Fell after a 1.1% mom gain in July 2026
Non-discretionary spending	0.6 % mom	Rose following a 1.1% mom increase in July 2026