CommBank HSI Index results for July 2022

  • You can view the latest CommBank HSI Index report on our research portal.

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The difference

Monitoring Australia’s economic performance and planning for the future relies on understanding and predicting the largest contributor to economic growth – consumer spending. We have relaunched the CommBank HSI Index to provide government, businesses and investors with a more rigorous leading indicator of spending intentions. The CommBank HSI Index now covers the majority of household spending across the 12 categories in the Australian Bureau of Statistics’ National Accounts. 

To find out more on the CommBank HSI Index methodology, watch the video.

A more complete view of Australia’s spending intentions

  • Moving beyond confidence

    Many consumer sentiment surveys capture what people say they will do, but this can be different from what they actually do. The CommBank HSI Index is based on actual spending data, overlaid with Google Trends publicly available search activity.

  • Where people will spend

    This is the world’s only leading indicator of consumer spending compiled by a major bank to combine actual transactional data with Google Trends search activity. Google searches are often a precursor to consumers making a purchase, which improves the accuracy of the model’s predictions.

  • Comprehensive data set

    The CommBank HSI Index covers data from 2.5 million Australian households and up to 40% of all consumer payment transactions in Australia, using credit and debit cards, EFTPOS, BPAY, and direct debit, as well as data on loan applications for property, travel and vehicles.

  • Advanced data analytics and modelling

    This approach offers unique, near real-time insights into consumer spending and purchasing intentions based on sophisticated data analytics and modelling.


  • To view past reports, please visit the Global Economic and Markets Research Portal.

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  • To read more about the CommBank HSI Index, you can download the one-page summary.

Things you should know


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    The data used in the ‘Commonwealth Bank Household Spending Intentions Index’ is a combination of the CBA Data and publicly available Google Trends™ data. Google Trends is a trademark of Google LLC.

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