Commonwealth Bank flags slowing household spending at Global Markets Conference

• Commonwealth Bank's Global Markets Conference 2026 in Sydney highlighted slowing household spending and rising state borrowing costs on its second day.
• S&P Global Ratings projected state interest costs of around $40 billion by FY29, equivalent to about 7% of operating revenue.
• Gross state debt was forecast at about $800 billion by the current financial year-end, up from around $300 billion in FY19.
• Household spending growth eased following four rate increases, with some households drawing on savings to sustain spending.
• Borrowers increasingly focused on spreading debt maturities to limit refinancing risk as low-rate debt is replaced at considerably higher yields.

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