Australian credit card gross dollar volume (GDV) jumped 8.8% year-on-year (YOY) in March. Purchase dollar volume (PDV) increased 7.9% YOY and cash dollar volume (CDV) dipped by 5.1% YOY in March, according to CardData.
There had been growing concerns in 2016 credit card spending was slowing down, but the tide is reversing in early 2017.
GDV rose in March to AU$29.8 billion, compared to a revised AU$25.5 billion in the prior month and a revised AU$27.4 billion one-year ago.
PDV increased in March to AU$27.4 billion, compared to a revised AU$24.4 billion in the prior month and a revised AU$25.4 billion one-year ago.
CDV decreased YOY in March to AU$811 million, compared to a revised AU$738 million in the prior month and a revised AU$855 million one-year ago.
Meanwhile, Australian credit card outstandings edged down by 0.8% year-on-year (YOY) in March. Credit card credit limits increased 0.9% YOY and the number of credit card accounts rose 1.3% YOY in March.
The average balance per account in March declined 0.4% YOY to AU$3126, compared to AU$3150 for February, and AU$3139 for March 2016.
Credit card outstandings for March hit AU$52.2 billion, compared to AU$52.6 billion in the prior month, and AU$51.8 billion in March 2016, according to CardData.
Credit card credit limits for March hit AU$151.4 billion, compared to AU$151.3 billion in the prior month, and AU$150.1 billion in March 2016. At the end of March the number of credit/charge card accounts stood at 16.72 million, compared to 16.70 million for the prior month, and 16.51 million in March 2016.
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