Supplier Spend tracks business costs and expenditures on goods and services, material and equipment, utilities, fuel and insurance. Supplier Spend is up 14 points in May, 12 points higher YoY.
In May, the Retail Trade Industry experienced the sharpest rise in Supplier Spend, rising 17 points. In comparison, Transport, Postal and Warehousing rose only 1 point.
Over 2022, there has been a steady increase in the amount that businesses are spending on Wages.
In May, Wage Spend rose 2 points, up 6 points YoY.
Business expenditure on wages is particularly marked in the Hospitality and Retail Trade Industries, up 5 points and 3 points respectively.
The Business Index is baselined to February 2021, using six months of average transactions as the denominator.
The Index is calculated by taking a representative sample of businesses from around Australia varied by size, industry and location and looking at their credit transactions across all account types (e.g. transaction, savings and credit card).