CommBank Household Spending Insights

Global Economic & Markets Research (GEMR) has prepared this report. GEMR is a business unit of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945 (Bank). References to the “Group” are to the Bank and its subsidiaries (including Commonwealth Securities Limited ABN 60 067 254 300 AFSL 238814, Commonwealth Australia Securities LLC and CBA Europe Ltd) and includes the directors, employees and representatives of the Bank and its subsidiaries.

This report is not investment research and nor does it purport to make any recommendations. Rather, this report is for informational purposes only and is not to be relied upon for any investment purposes.

This report has been prepared without taking into account your objectives, financial situation (including your capacity to bear loss), knowledge, experience or needs. This report is not to be construed as an act of solicitation, or an offer, to buy or sell any financial products, or as a recommendation and/or investment advice. You should not act on the information contained in this report. To the extent that  you choose to make any investment decision after having read this report you should not rely on it but consider its appropriateness and suitability to your own objectives, financial situation and needs, and, if appropriate, seek professional or independent financial advice, including tax and legal advice.

The Bank believes that the information contained in this report is correct, and any opinions, conclusions or recommendations made are reasonably held and are based on the information available at the time of its compilation. However, the Bank does not make, nor provide, any representation or warranty, either expressed or implied, as to the accuracy, reliability or completeness of any statement made in this report or its suitability to your needs. Any opinions, conclusions or recommendations made in this report are subject to change without notice and may differ, or be contrary, to the opinions, conclusions or recommendations expressed elsewhere by the Bank, or any member of the Group. The Bank is under no obligation to update, or keep current, the information contained in this report.

The information provided in this report may also include information that is indicative of what the expected outcomes might be, based on assumed facts that are contemplated in this report, and should not be relied upon. Any reliance on this information is at your own risk.

All material presented in this report, unless specifically indicated otherwise, is under copyright of the Bank. None of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party, without the prior written permission of the Bank.

This report may contain statements that are not purely historical in nature, but are ‘forward-looking statements’. Such statements are, or will be, based upon certain assumptions. Actual events are difficult to predict and are beyond the control of the Bank. There can be no assurance that any estimated returns or projections can be realised. Past performance is not a reliable indicator of future performance.

Any valuations, projections and forecasts contained in this report are based on a number of assumptions and estimates and are subject to contingencies and uncertainties. The inclusion of any such valuations, projections and forecasts in this report should not be regarded as a representation or warranty by or on behalf of the Group or any person or entity within the Group that such valuations, projections and forecasts or their underlying assumptions and estimates will be met or realised.

The Group does not accept any liability for any loss or damage arising out of any error or omission in or from the information provided, or arising out of the use of all or any part of this report. 

The data used in the ‘Commonwealth Bank Household Spending Intentions’ series is a combination of CBA Data and publically available Australian Bureau of Statistics (ABS), CoreLogic and Reserve Bank of Australia data.

Any reference made to the term ‘CBA data’ means the proprietary data of the Bank that is sourced from the Bank’s internal systems and may include, but is not limited to, home loan data, credit card transaction data, merchant facility transaction data and applications for credit. The Bank takes reasonable steps to ensure that its proprietary data is accurate as at the time of compilation of this report.

Any CBA Data used in this report is provided by the Commbank iQ (CBA iQ)  team. The GEMR team have commissioned the CBAiQ team to provide them with data  that may directly or indirectly relate to the themes that have been selected for coverage by the Chief Economist of GEMR. The CBAiQ team involved in the preparation of this data are subject to the same personal conflict requirements and trading restrictions as the GEMR team.

If applicable, any statistical data included in this report only takes into account CBA, ABS, CoreLogic and RBA data. The Bank makes no representation or warranty as to the completeness of the data, as it may not reflect all trends in the market. Any reliance on this information is at your own risk.

All customer data used, or represented, in this report is de-identified and aggregated before analysis and is used, and disclosed, in accordance with the Group’s Privacy Policy and the CBAiQ Privacy Approach.

In certain circumstances, reports may be viewed in advance of publication by the Bank’s Marketing and Communications team in order to produce infographics for the report. Reports will only be provided to the Bank’s Marketing and Communications team in accordance with the Bank’s conflicts management, confidentiality, information barrier policies and procedures, and trading restrictions.

In the case of certain products, the Bank or one of its related bodies corporate is or may be the only market maker. Financial markets products have an element of risk. The level of risk varies depending on a product’s specific attributes and how it is used. The Bank will enter into transactions on the understanding that the customer has:

i.   Made his/her own independent decision to enter into the transaction;

ii.   Determined that the transaction is appropriate;

iii.  Ensured he/she has the knowledge to evaluate and capacity to accept the terms, conditions and risks; and 

iv.  Is not relying on any communication (including this report) from the Bank as advice. 

Each GEMR Analyst primarily responsible for the content of this report, in whole or in part, confirms that with respect to each security or issuer that the GEMR Analyst covered in this report:

i.   All of the views expressed accurately reflect his/her personal views about those securities or issuers; and

ii.   No part of his/her compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by that GEMR Analyst in the report.

Each GEMR Analyst responsible for the preparation of this report may interact with the Bank’s trading desk personnel, sales personnel and other constituents for the purpose of gathering, synthesizing, and interpreting market information to form an independent view. Each GEMR Analyst responsible for the preparation of this report may not hold, or trade in, securities that are the subject of this report or where they have offered a recommendation. Each GEMR Analyst must disclose, and receive approval, for all outside business interests from Compliance and the Head of GEMR prior to commencing the activity or within a week of joining the Group. The compensation of each GEMR Analyst involved in the preparation of this report is determined exclusively by GEMR management and senior Global Markets management (not including investment banking). 

The Group may from time to time hold long or short positions in, and buy or sell, securities or derivatives that are referred to in this report. The Group may also engage in transactions in a manner that is inconsistent with the recommendations contained in this report.

Directors or employees of the Group may serve or may have served as officers or directors of the subject company of this report.

Unless agreed separately, the Bank does not charge any fees for any information provided in this report. You may be charged fees in relation to the financial products or other services the Bank provides. Applicable fees are set out in the relevant Financial Services Guide (FSG), relevant Product Disclosure Statement (PDS), relevant Terms & Conditions, and/or relevant contract. 

This report is not directed to, nor is it intended for distribution to or use by, any person or entity, who is a citizen or resident of, or located in, any locality, state, country or jurisdiction where such distribution, publication availability or use would be contrary to any applicable laws or regulations, or would subject any entity within the Group to any registration or licencing requirement within such jurisdiction.

If you have a complaint, the Bank’s dispute resolution process can be accessed on 13 22 21 when in Australia, and +61 2 9841 7000 from overseas.