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string(61) "Credit card use hits record high as Australians spend smarter"
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Active credit card use in Australia has reached a historic high of 82 per cent, with 9.4 million active personal accounts now in circulation, according to new data from Money.com.au.
" ["fulltext"]=> string(1370) "The total number of credit card accounts has fallen 7.6 per cent since 2021, while active accounts rose 6 per cent.
Nearly 1.5 million dormant accounts have been closed over the past three years, representing a 41 per cent drop in inactive cards.
Average annual credit card spending has increased to $34,500, up 22 per cent from three years ago.
"After the pandemic, people began consolidating and closing unused credit cards to improve their outcomes on new home loan applications when interest rates were high," said Money.com.au Research & Data Expert Peter Drennan.
Despite increased spending, balances accruing interest per active account fell 3.5 per cent.
Discretionary spending rose 3.2 per cent in the year to October 2024, outpacing inflation for the first time in six months.
Recreation and culture spending grew 1.5 per cent in October, indicating Australians are prioritising lifestyle despite economic pressures.
"Consumer confidence is growing, and it's another sign of economic recovery. Australians are showing they can use credit cards responsibly, and pay them off monthly while leveraging them for convenience and rewards rather than as a fallback for emergency debt," Mr Drennan said.
The Reserve Bank of Australia began publishing active credit card data in October 2024.
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Active credit card use in Australia has reached a historic high of 82 per cent, with 9.4 million active personal accounts now in circulation, according to new data from Money.com.au.
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" ["fulltext"]=> string(1245) "The rankings, which survey 2,000 Australians each month, have placed Bendigo Bank at the top of the financial institution category for the 10th consecutive quarter.
Roy Morgan's trust rankings, conducted since 2017, also position Bendigo Bank as one of the most trusted Australian brands across all categories.
Bendigo Bank CEO Richard Fennell said: "This significant recognition reflects Bendigo Bank's commitment to being bigger and better for our more than 2.5 million customers."
Fennell added: "This award is testament to the hard work and dedication of our entire team and to be crowned most trusted again validates our customer-first approach to banking."
The CEO suggested that the recognition demonstrates that "a genuine and compelling alternative to the major banks is available if you want it."
Bendigo Bank offers a range of banking products and services, including digital offerings, which Fennell says meet customer expectations.
The trust rankings are based on monthly surveys conducted by Roy Morgan, involving 2,000 Australian respondents.
Bendigo Bank's consistent performance in these rankings highlights its strong reputation in the Australian banking sector.
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Bendigo Bank has retained its position as Australia's most trusted bank, according to the latest trust rankings released by research firm Roy Morgan.
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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(100) "/borrow-money/banking/bendigo-bank-named-most-trusted-bank-in-australia-for-10th-consecutive-quarter" ["image"]=> string(107) "https://res.cloudinary.com/momentum-media-group-pty-ltd/image/upload/v1728288460/Richard_Fennell_kldjkk.jpg" ["image_alt"]=> string(78) "Bendigo Bank named most trusted bank in Australia for 10th consecutive quarter" } [2]=> object(stdClass)#8388 (57) { ["id"]=> int(18638) ["title"]=> string(80) "Account-to-account and instant payments set to reshape global payments landscape" ["alias"]=> string(80) "account-to-account-and-instant-payments-set-to-reshape-global-payments-landscape" ["introtext"]=> string(185) "A new report from Capgemini predicts that instant payments will account for 22% of all non-cash transactions globally by 2028, signaling a major shift in the payments industry.
" ["fulltext"]=> string(1856) "The World Payments Report 2025, released today by the Capgemini Research Institute, highlights the growing importance of account-to-account (A2A) and instant payment solutions in reshaping the global payments ecosystem.
According to the report, non-cash transaction volumes reached 1,411 billion in 2023 and are projected to hit 1,650 billion in 2024. This trend is expected to continue, with forecasts suggesting non-cash transactions will reach 2,838 billion by 2028.
The Asia-Pacific region is leading in non-cash transaction growth, with a 20% year-on-year increase in 2024, compared to 16% in Europe and 6% in North America.
Jeroen Hölscher, Global Head of Payment Services at Capgemini, said: "The continued surge in non-cash transactions is a watershed moment for banks and payment service providers. The data indicates an inevitable shift to a future of payments that is instant and open."
The report suggests that A2A instant payment solutions could impact card transaction growth by 15-25%, potentially challenging the dominance of traditional payment cards.
However, the study found that only 5% of banks are fully prepared to lead the instant payment acceleration. Concerns about fraud and potential liquidity issues are deterring progress, with only 25% of banks currently able to receive instant payments and 53% fully capable of sending and receiving them.
The report also highlights the potential of open finance to empower consumers and businesses, though progress is currently limited due to differences in regulatory frameworks and market initiatives.
Capgemini's World Payments Report 2025 draws insights from surveys and interviews with over 200 senior payment executives from leading banks, financial service organizations, and industry associations across 15 markets.
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A new report from Capgemini predicts that instant payments will account for 22% of all non-cash transactions globally by 2028, signaling a major shift in the payments industry.
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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(102) "/borrow-money/banking/account-to-account-and-instant-payments-set-to-reshape-global-payments-landscape" ["image"]=> string(120) "https://res.cloudinary.com/momentum-media-group-pty-ltd/image/upload/v1728288309/pexels-mikhail-nilov-7534379_vmi2hi.jpg" ["image_alt"]=> string(80) "Account-to-account and instant payments set to reshape global payments landscape" } [3]=> object(stdClass)#8387 (57) { ["id"]=> int(18634) ["title"]=> string(70) "Powell's Jackson Hole speech to shape market expectations on rate cuts" ["alias"]=> string(69) "powells-jackson-hole-speech-to-shape-market-expectations-on-rate-cuts" ["introtext"]=> string(192) "All eyes are on Federal Reserve Chair Jerome Powell's upcoming speech at the Jackson Hole symposium, as investors anxiously await clues about the central bank's future rate decisions.
" ["fulltext"]=> string(2089) "US stock markets retreated yesterday, with investors trimming long positions ahead of Powell's address. The S&P 500 fell 0.90%, while the tech-heavy Nasdaq 100 dropped 1.70%.
Ipek Ozkardeskaya, Senior Analyst at Swissquote Bank, noted that Powell is expected to temper expectations for aggressive rate cuts.
"There is no reason for the Fed to start cutting the interest rates by big chunks in the absence of a severe economic slowdown, market stress, or a crisis," Ozkardeskaya said.
Recent comments from other Fed officials have also pointed towards a more cautious approach to rate cuts. Kansas Fed President Schmid expressed a desire to see more data before supporting rate cuts, while Boston Fed's Susan Collins advocated for "gradual and methodical" reductions.
Currently, swap markets are pricing in around 95 basis points of cuts from the Fed between September and year-end. However, Ozkardeskaya suggests this may be overly optimistic.
"From where we stand right now, it seems more likely that this will not happen than the opposite," she said.
The analyst warned that if the Fed pauses rate cuts after an initial reduction, it could result in only a 50 basis point cut for the year, potentially weighing on risk appetite and boosting the US dollar.
Yesterday's economic data presented a mixed picture. While jobless claims met expectations and continuing claims rose less than anticipated, US manufacturing activity slowed more than expected.
In Europe, French services received a temporary boost from Olympics preparations, but German manufacturing figures remained weak, confirming ongoing challenges for the Eurozone's largest economy.
The British pound showed resilience despite some retreat, supported by stronger-than-expected PMI numbers indicating the UK economy's relatively robust performance.
As markets brace for Powell's speech, Ozkardeskaya expects the Fed chair to temper overpriced cut expectations, potentially leading to a rebound in the US dollar from oversold levels.
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All eyes are on Federal Reserve Chair Jerome Powell's upcoming speech at the Jackson Hole symposium, as investors anxiously await clues about the central bank's future rate decisions.
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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(91) "/borrow-money/banking/powells-jackson-hole-speech-to-shape-market-expectations-on-rate-cuts" ["image"]=> string(128) "https://res.cloudinary.com/momentum-media-group-pty-ltd/image/upload/v1724639638/22dc-fed01sub-videoSixteenByNine3000_c1k72l.jpg" ["image_alt"]=> string(70) "Powell's Jackson Hole speech to shape market expectations on rate cuts" } [4]=> object(stdClass)#8386 (57) { ["id"]=> int(18622) ["title"]=> string(68) "Bendigo Bank economist forecasts stable rates for 2024, cuts in 2025" ["alias"]=> string(67) "bendigo-bank-economist-forecasts-stable-rates-for-2024-cuts-in-2025" ["introtext"]=> string(213) "Bendigo Bank's Chief Economist David Robertson is maintaining his prediction that the Reserve Bank of Australia (RBA) will keep interest rates unchanged throughout 2024, with cuts likely to begin in 2025.
" ["fulltext"]=> string(1667) "Key points:
- Robertson acknowledges the disappointing May inflation data but cautions against overreacting to a single monthly figure
- He expects the first RBA rate cut to occur in May 2025, pushed back from his previous forecast of February 2025
- Robertson sees a 50% market probability of another rate hike as "a long bow to draw on a single monthly CPI read"
- He notes the importance of upcoming quarterly inflation data and labour force reports in shaping RBA policy
Robertson highlighted several factors influencing the economic outlook:
- Stage 3 tax cuts and cost-of-living measures totalling about $52 billion this financial year
- Uncertainty around how much of this money will be spent versus saved
- Contradictory economic indicators, including record highs in property prices, stock markets, and employment levels, alongside a per-capita recession and low consumer sentiment
The economist expects moderating inflation in the new financial year, aided by base effects and a stronger Australian dollar. He anticipates more moderate gains in house prices but warns that economic uncertainty and geopolitical risks may slow the recovery.
Robertson emphasised the RBA's dual mandate of price stability and full employment, suggesting that upcoming jobs data will be almost as influential as inflation figures in determining monetary policy.
Despite pushing back his forecast for the first rate cut, Robertson maintains his view that the RBA will keep rates on hold for the remainder of 2024, with relief via rate cuts coming in 2025.
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Bendigo Bank's Chief Economist David Robertson is maintaining his prediction that the Reserve Bank of Australia (RBA) will keep interest rates unchanged throughout 2024, with cuts likely to begin in 2025.
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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(89) "/borrow-money/banking/bendigo-bank-economist-forecasts-stable-rates-for-2024-cuts-in-2025" ["image"]=> string(121) "https://res.cloudinary.com/momentum-media-group-pty-ltd/image/upload/c_crop,ar_4:3/v1722246377/David_Robertson_wwqzjr.jpg" ["image_alt"]=> string(68) "Bendigo Bank economist forecasts stable rates for 2024, cuts in 2025" } [5]=> object(stdClass)#8385 (57) { ["id"]=> int(18609) ["title"]=> string(67) "The impact of Australia's changing credit score system on borrowing" ["alias"]=> string(66) "the-impact-of-australias-changing-credit-score-system-on-borrowing" ["introtext"]=> string(160) "Australia's credit scoring system has undergone significant changes aimed at providing a more comprehensive picture of a consumer's financial behavior.
" ["fulltext"]=> string(3957) "These changes impact how lenders assess creditworthiness, affecting everything from securing a loan to the terms of borrowing. Understanding these shifts is crucial for anyone looking to borrow or improve their credit standing. This article explores the implications of Australia's evolving credit score system and offers strategies to enhance your credit score.
Understanding the new credit score system
Recent reforms in Australia's credit reporting system have transitioned from a negative reporting model to comprehensive credit reporting (CCR). Previously, credit reports only included negative information such as missed payments or defaults. The new CCR model now also captures positive financial behaviors like regular, on-time payments and the successful closure of credit accounts. This holistic view helps lenders make more informed decisions and can benefit borrowers who demonstrate consistent financial responsibility.
How credit scores affect borrowing
A higher credit score under the new system could mean better borrowing terms, including lower interest rates, higher borrowing limits, and quicker loan approvals. Conversely, a lower score can result in less favorable terms or even difficulty in obtaining credit. Lenders use this score to assess the risk level of lending to a particular individual, influencing their decision and the terms of the credit offered.
Impact on various types of borrowing
The effect of the updated credit score system varies across different borrowing contexts:
- Home loans: A good credit score can significantly influence the mortgage terms you receive, potentially saving thousands in interest payments over the life of the loan.
- Personal loans and credit cards: These may also offer better interest rates and higher limits with a strong credit score.
- Business loans: A solid credit history is crucial for businesses seeking loans, especially for small businesses that may not have substantial collateral.
Tips for improving your credit score
Regularly check your credit report: Ensure your credit report is free from errors and reflects your credit activities accurately. You can obtain a free report from credit reporting bodies like Equifax, Experian, and illion annually.
Pay your bills on time: Consistent, timely payments are more important than ever under the CCR system. Setting up automatic payments can help avoid missed deadlines.
Reduce credit card balances: High credit card utilization can negatively impact your score. Keeping your balances low relative to your credit limits demonstrates responsible credit usage.
Limit credit enquiries: Each time you apply for credit, a hard enquiry is recorded on your report. Too many hard enquiries can signal financial distress to lenders.
Build a diverse credit mix: Responsibly managing a mix of credit types, such as a credit card, a personal loan, and a mortgage, can positively affect your score.
Planning ahead
For those planning to apply for substantial loans, such as mortgages, it is advisable to start improving your credit score well in advance. This can involve consolidating debts or systematically paying down existing loans.
Seeking professional advice
If you're unsure how to improve your credit score or navigate the new credit system, consider consulting with a financial advisor. Professional advice can provide personalized strategies based on your specific financial situation.
---
The evolution of Australia's credit score system offers an opportunity for borrowers to benefit from their positive financial behaviors. By understanding these changes and actively managing your credit, you can enhance your ability to secure loans under favorable terms and minimize your borrowing costs.
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Australia's credit scoring system has undergone significant changes aimed at providing a more comprehensive picture of a consumer's financial behavior.
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string(0) "" ["required"]=> int(0) ["only_use_in_subform"]=> int(0) ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [5]=> object(stdClass)#9130 (33) { ["id"]=> int(5) ["title"]=> string(22) " Essential information" ["name"]=> string(21) "essential-information" ["checked_out"]=> NULL ["checked_out_time"]=> NULL ["note"]=> string(0) "" ["state"]=> int(1) ["access"]=> int(1) ["created_time"]=> string(19) "2020-06-25 06:10:20" ["created_user_id"]=> int(2351) ["ordering"]=> int(4) ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#9066 (3) { ["data":protected]=> object(stdClass)#9105 (4) { ["buttons"]=> string(0) "" ["width"]=> string(0) "" ["height"]=> string(0) "" 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"Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [2]=> object(stdClass)#9131 (33) { ["id"]=> int(2) ["title"]=> string(14) "Embedded Video" ["name"]=> string(14) "embedded-video" ["checked_out"]=> NULL ["checked_out_time"]=> NULL ["note"]=> string(0) "" ["state"]=> int(1) ["access"]=> int(1) ["created_time"]=> string(19) "2020-06-20 01:43:32" ["created_user_id"]=> int(2351) ["ordering"]=> int(5) ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#9104 (3) { ["data":protected]=> object(stdClass)#9109 (4) { ["buttons"]=> string(0) "" ["width"]=> string(0) "" ["height"]=> string(0) "" ["filter"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#9106 (3) { ["data":protected]=> object(stdClass)#9111 (10) { ["hint"]=> string(29) "Paste your embedded code here" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["type"]=> string(6) "editor" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> int(2) ["label"]=> string(14) "Embedded Video" ["description"]=> string(0) "" ["required"]=> int(0) ["only_use_in_subform"]=> int(0) ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(80) "/borrow-money/the-impact-of-australias-changing-credit-score-system-on-borrowing" ["image"]=> string(114) "https://res.cloudinary.com/momentum-media-group-pty-ltd/image/upload/v1718533212/pexels-shvetsa-4482896_mfngy3.jpg" ["image_alt"]=> string(67) "The impact of Australia's changing credit score system on borrowing" } }
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