Aussie Seniors Lead Spending Surge, Fuel Prices Bite

0:00It's April 15th from your city to your ears. This is Sydney News today, powered by AI. Australian household spending jumped in March, with folks over 65 leading the charge at a 14.2% rise over the year. Outpacing younger groups, CBA data, pulled from about 30% of consumer transactions, showed overall spending climbing across the board, mainly thanks to skyrocketing. Petrile prices for Middle East tensions. Transport took the biggest hit, making up over half the monthly lift, with petrol stations spending up around 45% in the month alone. Hospitality and recreation also ticked up a bit, boosted by sports seasons kicking off in big events like the Formula 1 Grand Prix. Older Australians, especially those over 65, have more disposable cash and benefit from higher interest rates, which explains their spending. Surge. Regional areas saw stronger growth than cities in most states, though economists warned fuel hikes could pinch rural spots harder, long-term due to.

1:00Diesel-heavy industries. Westpac data backs this up, showing people switching to public transport, and topping up tanks less often as prices bite, helping curb demand. Naturally, CBA expects spending to cool as incomes weaken, easing inflation over time. The Reserve Bank has its eyes glued to this ahead of its May 5th recall, where consumer habits could steer the next moves on barring costs.