Food and recreation push up Australian spending in February

- Sydney (7 April)

Australian households spent A$71 billion on goods and services in February, up 4.6% on the year because of increased recreational and food purchases, despite consumer confidence souring over the month.

Households increased their spending on cultural and recreational products by 6.9% on the year in February, from A$1.1 billion to A$1.2 billion, data from the Australian Bureau of Statistics show.

Household spending on food products and restaurants both rose on the year in February, by 5.9% and 5.5%, respectively. But Australian food prices may rise later this year because of the ongoing US-Israeli war in Iran.

Farmers indirectly rely on the Strait of Hormuz – which has disrupted since late February – for phosphate-based fertilisers. They generally begin to sow winter crops, including grains and barley, using fertilisers around April to May.