New data from the Australian Bureau of Statistics suggests Victorians are still spending big despite the cost-of-living crunch.

But Scott Phillips, chief investment officer at financial and investing advice company The Motley Fool Australia, says that’s not the full picture.

“It depends what you compare it with,” he told Ross and Russel.

“Spending is up 10 per cent according to the ABS, but that’s on this time last year, and we all know what happened this time last year.

“If we start from a low point even mediocre spending suggests that we jumped.”

Mr Phillips says pent up demand has also contributed.

“We were locked up for a long time,” he said.

And the data the ABS has released is from May, which was the first month the Reserve Bank put up rates.

Mr Phillips says it’s likely spending has curbed since then.

Press PLAY below to hear Scott Phillips explaining the data