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SYDNEY, Sept 13 - Australia's household spending rebounded in August, led by gains in the education, transport and recreation categories, data from the Commonwealth Bank of Australia showed on Wednesday, a sign of consumer resilience that bodes well for the economy.
A surge in international students helped education spending grow at a solid pace of 2.8% for the month, while recreation expenditure rose 1.9% thanks to the FIFA Women's World Cup and a number of big-name concert tours.Australian consumers have been tightening belts in the face of elevated costs of living and a surge in mortgage payments after the central bank has raised interest rates by 400 basis points to tame inflation.
"Monetary policy is now restrictive and financial conditions will continue to tighten in the months ahead," said Stephen Halmarick, chief economist at CBA.
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