Westpac Card Tracker, 22 September 2025

Westpac IQ

Economics

Westpac Card Tracker, 22 September 2025

#datax
#cardtracker
#retail

Neha Sharma

Matthew Hassan

11:24 September 22 2025

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Spending momentum lifts slightly

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Read full report ‘Westpac Card Tracker 22 September 2025’ (PDF 599KB) The Westpac-DataX Card Tracker Index* rose just under 1pt in the first two weeks of Sep to be at 139.6. This is around mid-Jun levels. Annual growth has remained relatively stable, mostly holding in a narrow 3.0–3.3% range since early Jun. This marks the strongest sustained run since early 2023. The weather, holiday and sales related disruptions that impacted through Mar-Jun have now cycled out of most growth rate measures. The 3mth pace lifted to 0.5% in the latest week and has mostly been in a 0.4-0.7% range since early-Aug. The long run series average is 1.3%. Discretionary services remain the strongest driver of growth, travel-related card activity surging again through Aug-Sep. In contrast, activity across discretionary goods categories has seen a return to slight declines. Card activity across essential segments is being led by a lift in utilities, reflecting increased out-of-pocket costs as energy rebates wind down in some states. Against this, education- and health-related card activity has declined in recent weeks. Retail card activity has been erratic. The 3mth pace peaked at 3.0% in Jul, slowing to 1.6% in Aug and further to 0.6% in the latest week. The latest move is largely due to a softening in basic food retailing. With two months of data on hand, Q3 card activity is tracking broadly in line with Q2, noting that this was materially softer than official spending estimates for the quarter.
Our latest Market Outlook included an upwardly-revised profile for consumption growth in both 2025 and 2026 (see here). The change reflects firmer current momentum and an expectation of more positive feedback loops forming between spending, disposable income, wealth and consumer sentiment.

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