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Westpac Card Transactions Remain Elevated At Start Of November

AUSTRALIA DATA

The Westpac card tracker index, which covers the trends from the transactions the bank processes, rose 2 points in the 2 weeks to November 5. This period covered both the Melbourne Cup holiday and a further RBA rate hike.

  • Nominal spending seems to have levelled out at a high point suggesting that real expenditure is now moderating. How inflation-adjusted data are trending remains a key uncertainty. The card tracker index is still 36% above 2019-levels.
  • Discretionary spending was stronger in the latest reading, probably boosted by the Melbourne Cup, but travel in general is also strong at 18% above 2019.
  • Westpac is sticking with its 1.3% q/q forecast for Q3 GDP published on December 7.
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