The monthly payments data from the RBA showed a very large drop in personal account numbers from 12,659,000 in June 2024 to 11,681,000 in July.
“There was no reference to a series break but the RBA has confirmed to MWE that the decline was a result of a reporting change from 2 institutions” the monthly commentary by Michael Enstein from MWE Consulting explains.
The annual value of credit, charge and debit card spend increased to $1,1s trillion with the annual value of purchases now exceeding $1 trillion.
The annual value of credit and charge card spend comprises less than half at $426 billion.