Consumer spending across the economy has continued to grow, in trend terms, with annual growth reaching a five-and-a-half year high.
Spending across the economy has increased for the tenth consecutive month, according to the latest Commonwealth Bank Business Sales Indicator (BSI).
The figures released on Friday show economy-wide spending lifted one per cent in trend terms in June with annual growth reaching a five-and-a-half year high at 8.7 per cent.
But in seasonally-adjusted terms, described by CBA as being more volatile, spending fell by 2.1 per cent last month, down from a rise of 5.4 per cent in May.
CommSec chief economist Craig James said the data showed consumers were spending more on services rather than goods like food and clothes.
"The Reserve Bank will be comforted by the latest data which reveals that consumers are responding to lower interest rates by continuing to spend, but spending more on services and goods from abroad rather than at Australian brick-and-mortar stores," he said.
"What is promising for businesses is that we are now seeing consistent consumer spending patterns form, independent of external spending incentives or overtly positive economic news."
Mr James said businesses were still cautious, reluctant to spend, invest or employ until the federal election is held.
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