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Consumer credit card spending registered a three per cent rise in April from March – the slowest growth seen in Australia in more than decade the RBA announced today.
Australian's avergae credit card balance was $3,085 in April, up from $3,056 in March.
Credit card and charge accounts increased by just 0.4 per cent to 14.4 million transactions in April, while the actual value of EFTPOS transactions decreased by 0.5 per cent.
The spending slowdown is considered to be the direct result of current high interest rates.
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