Payments volumes fell heavily in May, and total payments volumes across the economy in May were 12 per cent below the post-pandemic payments peak recorded in February.
In a sign the hubbub over rising inflation and rising interest rates in Australia is weighing more broadly on households and business, the RBA’s monthly monitor of real-time gross settlements, released yesterday, shows payment volumes moderating over the last two months.
The May value is down 8.4 per cent from April.
“All the momentum built up since December 2021 has now been lost,” industry Grant Halverson said.
Overseas payments processed through SWIFT fell 13 per cent in May.