CBA: Consumer spending weakening

Thursday 25 May 2023

CBA’s latest Card Spending report suggests that real spending growth is falling fast:

Credit and debit card spending rose 1.2% month-on-month in April, which comes after softer growth in February (+0.1%) and march (-0.2%).

The annual growth rate is still positive, but has slowed sharply to 10.1%.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.