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Westpac Card Tracker Slows In February

AUSTRALIA DATA

The Westpac Card Tracker, based on its card transaction data, fell 4.8 points in the last 2 weeks of February. The index is still elevated but giving tentative signals of a “stalling” in consumer spending this quarter, which given the series is nominal would mean a contraction in real expenditure. Quarterly growth has slowed from 2%-2.5% over August to January to 0%-0.5% in February.

  • However, the Westpac series is not seasonally adjusted and a lot of the weakness has been in areas, such as discretionary services, which would normally see a pullback at this time of year. But there has also been a slowing in spending on “essential goods”.
  • The March data should provide some clarification if Q1 consumption weakened further.
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