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The RBA has released its March credit card figures and the great roll over goes on. Transaction volumes rose 10.1% in March to 168.7 million. March volume was 15% higher year on year.
The value of transactions was up 7.5% month on month, and up 13.6% year on year.
However, balances accruing interest fell 1.2 per cent in March and 1% year on year. The trend remains sideways to down:
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Factor in population growth and you’ve got a moderate deleveraging underway in revolving credit.
About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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