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The Westpac credit card tracker for the past fortnight is showing a consumer battered by oil.
The rolling four-week trend growth pulse is practically level at 155.8, which is a very little increase above the 155.6 reported during the final week of June.
Momentum has stalled.
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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.
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