CBA: Card Spending Data Suggests Volume Rise Slowing

CBA note that their “internal credit & debit card spending data to 16 September 2022 shows that spending levels remain elevated, but spending growth appears to have slowed and may now be flat‑lining.”

• “In some categories a slowdown in spending growth is evident. Our data is volatile on a weekly basis (with the education category impacting some states and territories over the past month or more) and there are seasonal patterns to spending. “
• “But the evidence suggests that total nominal spending has so far trended sideways over August and into September. With prices rising it suggests volumes growth is slowing.”