Card activity in Australia rose 1.2% over the March quarter, with quarterly momentum subdued and slowing on the 2% average seen over the June, September, and December quarters in 2025, according to a Friday report by Westpac.
The Westpac-DataX Card Tracker Index declined 2.2 points over the three weeks to April 11, reflecting a mix of factors including the reduction in fuel excise tax, some easing in the pull-forward of fuel purchases, and a continued moderation in non-fuel segments.
The increase in fuel prices and lift in volumes drove a 1.9% gain in March, but the temporary halving in fuel excise tax contributed to a pullback in the first two weeks of April. Nonfuel activity rose 0.5% in March but is tracking a monthly contraction of 1.1% as of mid-April.
Non-fuel spend is tracking at a slow 0.7% to 0.9% quarter-over-quarter pace. Card activity is tracking at 1.1% as of mid-April.
Some of the softness in April may be a residual holiday-related drag, the report noted. The slowing is broad-based, reflecting the common drivers of around both fuel and non-fuel spend. Overall, the rise in card activity in the March quarter is likely to be flat or down slightly once adjusted for price effects.