Consumer Payment Card News

Australia March Credit Cards Panned Again

Australia Credit Card March 2019

Australia March credit cards continue to getting beaten down as spending and debt fall. Outstandings decreased 2.1% year-on-year (YOY) and gross dollar volume increased only 3.8% YOY, according to figures gathered by CardData.

Australian credit cards have been in hiding in the outback to its lowest level in more than five-years, while the number of credit card accounts diminished by 470,000 since March 2018. Credit card spending was also sluggish increasing by a mere 1.8% YOY in March, according to Senior Analyst Robert McKinley, on behalf of CardTrak and CardFlash.

According to Australian credit card balance and usage data released this week by the Reserve Bank of Australia. Australians owed AU$51.5 billion in March, compared to AU$51.9 billion for February and AU$52.6 billion for March 2018.

Credit Card Spending

The amount of purchases in March edged up to 1.8% YOY in the wake of a 4.8% YOY decline in January. Purchase dollar volume (PDV), or the amount of purchases charged to credit cards, increased to AU$25.9 billion in March, compared to AU$25.8 billion in February and AU$25.6 billion for March 2018.

Meanwhile, cash dollar volume (CDV), or cash advances taken with a credit card, dropped 18.9% YOY in March, compared to a decline of 20.8% YOY in February. CDV posted at AU$614 million in March, compared to AU$583 million in February and AU$757 million for March 2018.

Credit Card Outlook

The number of credit and charge card accounts slipped 5.4% YOY in March, compared to a 4.4% decline in February. At end of March Australians held 15.80 million credit card accounts, compared to 15.85 million in the prior month, and compared to 16.77 million one-year ago, according to RAM Research.

The weekly ANZ-Roy Morgan Australian Consumer Confidence index notes 32% of Australians say they are “better off” in mid-May, compared to 30% in mid-April. About 23% of Aussies say they are “worse off over the same period. However, improvements in sentiment toward current economic conditions were not strong enough to offset falls in the future sentiment of economic conditions.

CardData Availability

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Australian Consumer Credit Card Outstandings

Mar 2016: AU$51.8 billion
Mar 2017: AU$52.2 billion
Mar 2018: AU$52.6 billion
Mar 2019: AU$51.5 billion

Additional Current & Historical Monthly Australian Credit Card Outstandings

Australian Consumer Credit Card Credit Limits

Mar 2016: AU$150.1 billion
Mar 2017: AU$151.4 billion
Mar 2018: AU$153.7 billion
Mar 2019: AU$150.3 billion

Additional Current & Historical Monthly Australian Credit Card Credit Limits

Australian Consumer Credit Card Purchase Volume

Mar 2016: AU$25.4 billion
Mar 2017: AU$27.4 billion
Mar 2018: AU$25.6 billion
Mar 2019: AU$25.9 billion

Additional Current & Historical Monthly Australian Credit Card Purchase Volume

Australian Consumer Credit Card Cash Advance Volume

Mar 2016: AU$854 million
Mar 2017: AU$811 million
Mar 2018: AU$757 million
Mar 2019: AU$614 million

Additional Current & Historical Monthly Australian Credit Card Cash Advances

Australian Consumer Credit Card Gross Dollar Volume

Mar 2016: AU$26.2 billion
Mar 2017: AU$29.8 billion
Mar 2018: AU$26.4 billion
Mar 2019: AU$26.5 billion

Additional Current & Historical Monthly Australian Credit Card Gross Volume

Australian Consumer Credit/Charge Card Accounts

Mar 2016: 16.51 million
Mar 2017: 16.72 million
Mar 2018: 16.77 million
Mar 2019: 15.80 million

Additional Current & Historical Monthly Australian Credit Card Accounts

CardData Availability

CardData Offers 80+ Reports, 400+ Charts, 4,000+ Data Points with Individual Reports Starting at $99 and Annual Subscriptions to All Reports Starting at $2495. New Clients or re-Establishing Clients Receive $500 Off Annual Subscription Rate Using Code: CF500 (expires 5/31/19)

All Figures Released and Revised as of 05/20/19

Source: Reserve Bank of Australia; CardData; RAM Research; ANZ Roy Morgan; CardTrak: CardFlash;