Credit card payments up again, RBA finds
Overall, the number of credit card purchases fell 22 per cent.
Speaking to news.com.au, AMP Capital Investors chief economist Shane Oliver said the figures were a good indicator of how the average Aussie is feeling about finance right now.
"Essentially Australians are feeling nervous in the face of rising unemployment. People are trying to increase their savings and reduce their debt and that’s hitting debt embedded in credit cards," he said.
In a speech made today (March 19th), RBA assistant governor Malcolm Edey reminded the country that while the current credit climate may be scary, it is important to remember that the world has endured these types of problems many times before.