Consumer Payment Card News

Australian Credit Card Spending Slows as Concerns Mount Over Future Personal Finances

Australian credit card spending and debt growth continues to remain sluggish based on the latest numbers. Credit card outstandings were flat (-0.2%) year-on-year (YOY) in September, while credit card purchase dollar volume (PDV) dropped by 3.1% YOY, according to CardData

According to figures released by the Reserve Bank of Australia (RBA), credit card credit limits were flat (-0.1%) in September YOY and have been hovering between AU$151 billion and AU$153 billion for the past three years. Australian Credit Card Spending & Debt

Australian Consumer Confidence

Meanwhile, the ANZ-Roy Morgan Australian Consumer Confidence index recently edged upward by 1.7%, after three straight weekly rises. Improvements in sentiment toward current economic conditions were not strong enough to offset falls in the future sentiment of economic conditions.

Households’ perception of current financial conditions rose 2.4% last week, more than reversing a cumulative 5.3% gain over the previous three weeks. Meanwhile, sentiment towards future financial conditions dipped by 2.0%, its fourth straight weekly decrease.

Australian Credit Card Debt

According to RAM Research, the average balance per account in September rose to AU$3219 versus AU$3074 one-year ago.

Credit card outstandings for September hit AU$51.5 billion, compared to AU$51.7 in August and AU$51.4 billion in September 2017.

According to CardData, credit card credit limits for September slipped to AU$151.9 billion, compared to AU$152.1 billion in the prior month, and AU$152.2 billion in September 2017.

At the end of September the number of credit/charge card accounts stood at 16.00 million, compared to 16.10 million for the prior month, and 16.72 million in September 2017.

Australian Credit Card Spending

Meanwhile, the RBA reports Australian credit card gross dollar volume (GDV) decreased 0.6% YOY in September. PDV also decreased 0.6% YOY and cash dollar volume (CDV) sunk by 14.0% YOY in September.

GDV for September came in at AU$26.0 billion, compared to a revised AU$28.9 billion in the prior month and a revised AU$26.2 billion one-year ago.

PDV for September was AU$25.4 billion, compared to a revised AU$28.2 billion in the prior month and a revised AU$26.2 billion one-year ago.

CDV decreased YOY in September to AU$646 million, compared to a revised AU$710 million in the prior month and a revised AU$751 million one-year ago.

CREDIT CARD OUTSTANDINGS

Apr 2016: AU$51.8 billion
May 2016: AU$51.9 billion
Jun 2016: AU$52.2 billion
Jul 2016: AU$51.3 billion
Aug 2016: AU$51.3 billion
Sep 2016: AU$51.4 billion
Oct 2016: AU$51.4 billion
Nov 2016: AU$52.4 billion
Dec 2016: AU$52.8 billion
Jan 2017: AU$51.5 billion
Feb 2017: AU$52.6 billion
Mar 2017: AU$52.2 billion
Apr 2017: AU$52.0 billion
May 2017: AU$52.3 billion
Jun 2017: AU$52.4 billion
Jul 2017: AU$$51.3 billion
Aug 2017: AU$51.3 billion
Sept 2017: AU$51.4 billion
Oct 2017: AU$51.2 billion
Nov 2017: AU$52.2 billion
Dec 2017: AU$52.9 billion
Jan 2018: AU$51.6 billion
Feb 2018: AU$52.7 billion
Mar 2018: AU$52.6 billion
Apr 2018: AU$51.9 billion
May 2018: AU$52.3 billion
Jun 2018: AU$52.6 billion
Jul 2018: AU$51.7 billion
Aug 2018:AU$51.5 billion
Sep 2018: AU$51.5 billion

CREDIT CARD CREDIT LIMITS

Apr 2016: AU$150.5 billion
May 2016: AU$150.9 billion
Jun 2016: AU$151.4 billion
Jul 2016: AU$151.4 billion
Aug 2016: AU$151.4 billion
Sep 2016: AU$151.5 billion
Oct 2016: AU$151.6 billion
Nov 2016: AU$151.1 billon
Dec 2016: AU$151.1 billion
Jan 2017: AU$151.5 billion
Feb 2017: AU$151.3 billion
Mar 2017: AU$151.4 billion
Apr 2017:  AU$151.5 billion
May 2017: AU$151.6 billion
Jun 2017: AU$151.9 billion
Jul 2017: AU$152.0 billion
Aug 2017: AU$152.1 billion
Sept 2017: AU$152.2 billion
Oct 2017: AU$152.7 billion
Nov 2017: AU$153.1 billion
Dec 2017: AU$153.6 billion
Jan 2018: AU$153.1 billion
Feb 2018: AU$153.5 billion
Mar 2018: AU$153.7 billion
Apr 2018: AU$153.9 billion
May 2018: AU$152.2 billion
Jun 2018: AU$152.3 billion
Jul 2018: AU$151.9 billion
Aug 2018: AU$152.1 billion
Sep 2018: AU$151.9 billion

CREDIT/CHARGE CARD ACCOUNTS

Apr 2016: 16.55 million
May 2016: 16.59 million
Jun 2016: 16.64 million
Jul 2016: 16.68 million
Aug 2016: 16.69 million
Sep 2016: 16.72 million
Oct 2016: 16.74 million
Nov 2016: 16.67 million
Dec 2016: 16.69 million
Jan 2017: 16.70 million
Feb 2017: 16.70 million
Mar 2017: 16.72 million
Apr 2017: 16.75 million
May 2017: 16.76 million
Jun 2017: 16.73 million
Jul 2017: 16.72 million
Aug 2017: 16.72 million
Sept 2017: 16.72 million
Oct 2017: 16.72 million
Nov 2017: 16.69 million
Dec 2017: 16.70 million
Jan 2018: 16.71 million
Feb 2018: 16.58 million
Mar 2018: 16.27 million
Apr 2018: 16.25 million
May 2018: 16.04 million
Jun 2018: 16.06 million
Jul 2018: 16.02 million
Aug 2018: 16.10 million
Sep 2018: 16.00 million

CONSUMER CREDIT CARD GDV

Apr 2016: AU$25375 million
May 2016: AU$27697 million
Jun 2016: AU$27052 million
Jul 2016: AU$26349 million
Aug 2016: AU$28639 million
Sep 2016: AU$26956 million
Oct 2016: AU$27166 million
Nov 2016: AU$27680 million
Dec 2016: AU$28778 million
Jan 2017: AU$27994 million
Feb 2017: AU$25532 million
Mar 2017: AU$29830 million
Apr 2017:AU$25112 million
May 2017: AU$29183 million
Jun 2017: AU$27529 million
Jul 2017: AU$26377 million
Aug 2017: AU$27669 million
Sept 2017: AU$26213 million
Oct 2017: AU$28278 million
Nov 2017: AU$28750 million
Dec 2017: AU$28653 million
Jan 2018: AU$27329 million
Feb 2018: AU$26056 million
Mar 2018: AU$27561 million
Apr 2018: AU$26785 million
May 2018: AU$28651 million
Jun 2018: AU$27325 million
Jul 2018: AU$28380 million
Aug 2018: AU$28880 million
Sep 2018: AU$26048 million

CONSUMER CREDIT CARD PDV

Apr 2016: AU$23370 million
May 2016: AU$25908 million
Jun 2016: AU$25389 million
Jul 2016: AU$23511 million
Aug 2016: AU$26768 million
Sep 2016: AU$25334 million
Oct 2016: AU$25575 million
Nov 2016: AU$27053 million
Dec 2016: AU$27693 million
Jan 2017: AU$24588 million
Feb 2017: AU$24414 million
Mar 2017: AU$27372 million
Apr 2017: AU$22857 million
May 2017: AU$29183 million
Jun 2017: AU$27529 million
Jul 2017: AU$26377 million
Aug 2017: AU$27699 million
Sept 2017: AU$26213 million
Oct 2017: AU$28278 million
Nov 2017: AU$28756 million
Dec 2017: AU$28653 million
Jan 2018: AU$27329 million
Feb 2018: AU$26056 million
Mar 2018: AU$27561 million
Apr 2018: AU$26785 million
May 2018: AU$28651 million
Jun 2018: AU$27325 million
Jul 2018: AU$27640 million
Aug 2018: AU$28169 million
Sep 2018: AU$25402 million

CONSUMER CREDIT CARD CDV

Apr 2016: AU$787 million
May 2016: AU$859 million
Jun 2016: AU$853 million
Jul 2016: AU$812 million
Aug 2016: AU$836 million
Sep 2016: AU$781 million
Oct 2016: AU$797 million
Nov 2016:  AU$795 million
Dec 2016: AU$758 million
Jan 2017: AU$782 million
Feb 2017: AU$738 million
Mar 2017: AU$811 million
Apr 2017: AU$697 million
May 2017: AU$842 million
Jun 2017: AU$793 million
Jul 2017: AU$762 million
Aug 2017: AU$785 million
Sept 2017: AU$751 million
Oct 2017: AU$823 million
Nov 2017: AU$801 million
Dec 2017: AU$734 million
Jan 2018: AU$808 million
Feb 2018: AU$736 million
Mar 2018: AU$757 million
Apr 2018: AU$762 million
May 2018: AU$734 million
Jun 2018: AU$700 million
Jul 2018: AU$740 million
Aug 2018: AU$710.0 million
Sep 2018: AU$646.0 million

Source: Reserve Bank of Australia; RAM Research; CardData