Total credit card balances posted a seasonal contraction of A$900 million during January, ending the month at A$29.3 billion, but up 12.3% over year ago levels. Gross dollar volume for purchases on credit card and charge cards in January of A$12.8 billion was A$3.3 billion lower than the prior month, but up more than 12% from January 2004. Based on data from the Reserve Bank of Australia, consumers charged A$11.9 billion in purchases on credit/charge cards during January compared to A$10.5 billion one-year ago. Card credit limits reached A$78.4 billion at the end of January, compared to A$69.9 billion for January 2004. There are 11.6 million credit card and charge card accounts in Australia, compared to 10.9 million one-year ago.
Author: Robert McKinleyhttp://www.rbm4.com
Robert McKinley, with 34 years experience covering payment cards and payment systems, is Senior Analyst and Editor-in-Chief for CardFlash and other payments-related publications. He is the retired founder and chief executive of RAM Research, CardWeb and CardTrak. McKinley served as an expert witness in 100+ litigations including two multi-$billion trials, testified before the U.S. Congress, chaired multiple payments conferences, hired as consultant by Fortune 100 companies and several overseas financial institutions. Full Bio: www.rbm4.com