US inflation, bank earnings, Australian spending data headline week ahead in macro
Inflation figures from the US and results from some of the biggest names on Wall Street are likely to dictate markets, but new spending data will keep local economists busy.
Inflation data from the world's largest economy and earnings reports from Wall Streets biggest banks including JPMorgan and Goldman Sachs are likely to dictate global markets this week, while local investors and economy watchers will be keeping an eye out on household spending data to glean insights into the Australian economy.
New numbers
The data: Monthly Household Spending Indicator, November 2025, Australian Bureau of Statistics
When: Monday 12 January 2026
What to expect: It’s a challenge for economists to forecast this dataset because it tends to get volatile heading into the Christmas season. Westpac notes that usually October is quieter as shoppers hold-off for the November sales, but last year it was a busy month with a 1.3% rise in spending on the back of solid clothing, footwear and household furnishings. The statistical bureau noted this was due to “promotional events” with sales starting early. This means it’s a bit more complicated to predict how consumers acted during November.
Westpac thinks the “earlier-than-usual” shopping spree may have shifted some of the spending into October rather than November, suggesting a weaker month might have resulted. But there were some solid spending moments in November to factor in.
“Big-ticket events like the AC/DC concert and the first Ashes test could provide some positive offsets,” the bank’s economists said in a note. Westpac has pencilled in a 0.7% monthly rise for November.
