Australian credit scores stay stable despite financial uncertainty

By Sara Borman · · 2 min read
Fact Checked
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credit score key on computer keyboard showing off stable credit scores

New data from Experian reveals that Aussie credit scores have remained stable over the past two years, in spite of many challenges. 

Even with rapidly increasing cost of living and the financial uncertainty of the COVID pandemic, credit scores actually saw a slight upward trend. 

The average Australian credit score rose by 1.85% between June 2020 and May 2022. The highest leap was seen in adults aged 25-34 (2.7%). 

The overall average credit score in Australia sits at 805, which is an “excellent” credit rating by Experian’s classifications. December 2021 had this figure at 734, up from 710 in March 2020. This climb from “good”, to “very good”, to “excellent” shows Aussies are definitely getting their finances in order.

Better hardship support means better credit scores

Experian’s ANZ General Manager, Tristan Taylor credits (see what we did there?) our maintained credit scores with the proactive stances that have been taken by banks, credit unions, the Australian Banking Association (ABA), and the Australian Retail Credit Association.

Changes to the credit reporting and reporting of financial hardship earlier in 2022 have helped to assist in difficult times, particularly with pandemic-related job losses and unique hardships.

We may also have seen this stability as a reflection of tightened purse-strings. In times of financial uncertainty, Australians responded by focusing on the essentials and paying down debt.

“The halt in major spending driven by border, hospitality and retail closures left Australians with more disposable income than usual, leading to borrowers paying down debt quicker than expected,” said Taylor.

Now that the world has opened back up and rates are on the rise, it remains to be seen if we’ll continue to take our credit scores skyward.

Not been as lucky with your credit rating? Find our guide to improving your credit score for some tips to bump yourself up.

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Last updated 5 December 2025 Important disclosures and comparison rate warning*

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