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Australian Card Activity Shows Emerging Slowdown in Discretionary Spend, Westpac Says

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Australian card activity showed an emerging slowdown in discretionary spending, with the Westpac-DataX Card Tracker Index rising 2.1 points over the two weeks to April 25, reversing an earlier decline, according to a report released on Wednesday.

Quarterly growth momentum remained subdued at around 1% as of late April, down from 1.2% in the first quarter and slower than the 2% average of the previous three quarters.

Meanwhile, monthly growth showed more volatility due to fluctuations in fuel prices, which spiked in March before dropping in April following an excise tax cut and reduced demand.

The most recent week indicated a notable 1% month-over-month decline.

Data from the last six weeks displayed a more pronounced slowdown in discretionary categories, particularly discretionary services, which have now entered into outright contraction despite ongoing activity in both fuel and electricity.

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