Household income grows faster than spending from 2017/18 to 2023

Income grew 4.1% annually to $15,473, outpacing 2.8% expenditure growth to $5,931.

Local incomes and average expenditure both rose steadily between 2017/18 and 2023, but household income grew much faster than spending during this period, data from the Department of Statistics showed.

The survey revealed that the average monthly household income from all sources increased from $12,661 in 2017/18 to $15,473 in 2023, representing an annual growth rate of 4.1%.

In comparison, average household expenditure increased from $5,163 to $5,931, growing at a slower pace of 2.8% per annum.

Households received an annual average of $6,317 in government transfers per household member in 2023, with the lowest 20% income group receiving $10,412 on average, the highest among all groups.

The top three expenditure categories in 2023 were housing (29.8%), food (20.0%), and transport (13.4%), together accounting for 63.2% of household spending.

Online expenditure saw significant growth, rising to 11.9% of total expenditure in 2023 compared to 4.7% in 2017/18.

Spending on food and beverage services also increased, driven by higher expenses at restaurants, cafes, and pubs.

Conversely, transport expenditure declined due to reduced spending on private road transport.