Spending On Australian Credit Cards Down Reflecting Consumer Sentiment
The Reserve Bank of Australia released data this week showing that the total value of Australian credit card and charge card transactions including advances fell in the month of November.
Total spending on Australian credit cards and charge cards during November was A$17.614 billion, compared with $19.413 billion in October. A reduction of 9.3 per cent data from the central bank suggests.
The number of purchases made using credit cards in Australia also fell by 7.1 per cent. The value of cash advances on credit and charge cards fell by nine per cent to $1.027 billion in November, from $1.128 billion the previous month.
The value of credit card repayments fell by 11.4 per cent in November. Total credit and charge card balances outstanding was up 1.2 per cent in November to $45.280 billion, from $44.729 billion the previous month. Balances accruing interest rose 0.8 per cent to $32.729 billion, from $32.469 billion.
Total credit and charge card balances outstanding have risen by eight per cent over the past 12 months, compared with an average of 13.0 per cent over the preceding five years. The number of credit and charge accounts increased by 0.2 per cent in November.
The data shows that the effects of the economic slowdown which has clearly had a negative effect on consumer spending in Australia.
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