Following a revised 9.5% drop in January, CommBank's Household Spending Index (HSI) rebounded in February, rising 1.8% to reach an index score of 107.3. 

CommBank's HSI series includes 12 spending categories, covering the majority of all consumer spending.

Transport spending intentions surged 11% in February, driven by higher fuel prices and increased spending on taxis, parking lots, car washes, freight and trucking services. 

The NRMA said 91 unleaded fuel prices could reach $2 per litre soon.

Home buying spending intentions rose 29.6% as people returned from summer holidays, yet were down 4.4% in comparison to February 2021.

Insurance costs were down a marginal 0.6% in February, yet CBA economists believe recent floods across the east coast of Australia will weigh on this category over the next few months.

CBA Chief Economist Stephen Halmarick said the rise in the CommBank HSI Index in February showed Australians were back on the move following the end of COVID restrictions, yet events unfolding across the globe are set to have three main implications. 

"We see three main implication for the Australian economy from the Ukraine situation - market sentiment and a ‘flight to quality’; higher energy prices and inflation; and reduced global growth," Mr Halmarick said.

Read more: What does rising inflation actually mean? 

Recently, ME Bank's Household Financial Comfort Report revealed the cost of necessities has surged to be the most significant worry for 43% of Australian households.

ME Bank’s Consulting Economist Jeff Oughton said the rising costs of necessities and flat wages growth are a growing worry among households.

"On the surface, the financial comfort of the average Australian looks better than ever, but it’s fragile," Mr Oughton said.  

In the immediate short-term, AMP Chief Economist Shane Oliver said it’s important that Australians remain cautious of their spending behaviours, continue to pay down debts, home loans and not get carried away by everything re-opening.

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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Rates
Features
Conditions
Other
Provider
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
Disclosure

Savings Account

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
More details
Disclosure
400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure

Savings Accelerator

  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
More details
Disclosure
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Set up your Pay Cycle and connect your accounts from over 140 financial institutions.
  • Retrace your spending steps into categories with Spending Footprint.
  • Start tapping straightaway with Apple Pay, Google Pay™, Samsung Pay, and Garmin Pay.
  • No monthly or international fees on any of your transactions.
Disclosure

Save Account

  • Set up your Pay Cycle and connect your accounts from over 140 financial institutions.
  • Retrace your spending steps into categories with Spending Footprint.
  • Start tapping straightaway with Apple Pay, Google Pay™, Samsung Pay, and Garmin Pay.
  • No monthly or international fees on any of your transactions.
More details
Disclosure
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.20% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money

AMP Saver Account

  • Earn up to 5.20% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
More details
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
Disclosure

Savings Maximiser

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
More details
Disclosure
  • Increase your balance by $200 each month to earn the maximum interest
  • No account keeping fees
  • No minimum balance
  • Interest paid monthly

More details
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of November 22, 2024. View disclaimer.

Important Information and Comparison Rate Warning

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