Energy inflation equals everything inflation

Friday 31 October 2025

Westpac credit card data tracker has been massaged to produce more positive results.

Note that this release introduces major improvements to our Westpac-DataX Card Tracker Index* including significantly expanded coverage and changes that bring measures into closer alignment with official ABS estimates. These have led to significant revisions to previously published figures and growth rates.

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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.