Economy-wide spending continued to post firm growth in June with all states and territories recording gains as well as all but one industry sector. The Commonwealth Bank Business Sales Indicator (BSI) rose by 0.7 per cent in trend terms in June after a similar gain in May.
Firm growth in economy-wide spending
- Economy-wide spending posted firm growth in June according to the Commonwealth Bank Business Sales Indicator (BSI). In trend terms the BSI lifted by 0.7 per cent in June after a similar gain in May.
- The annual trend growth in sales lifted from 8.5 per cent in May to 9.0 per cent in June.
- The more volatile seasonally adjusted measure of the BSI rose by 0.8 per cent in June after a solid 2.3 per cent increase in June.
- At a sectoral level, 18 of the 19 industry sectors were higher in trend terms in June, a similar result to May. And sales rose in all of the eight states and territories in the month.
The Commonwealth Bank BSI is obtained by tracking the value of credit and debit card transactions processed through Commonwealth Bank merchant facilities. The BSI covers spending broadly across the economy rather than just retail sales, including spending on automobiles, personal services and airlines.