Spending activity ‘firing on all cylinders’

The Westpac Card Tracker Index posted a strong gain of 3.5 points last week, reaching its highest level since mid-April.

At 110.6, the latest reading means annual growth in card activity is running 10.6 percentage points above its pre-COVID-19 pace.

Victoria was the biggest movers last week after easing restrictions. Having lagged the recovery to date, the state now has the strongest index reading in Australia as it catches up with the rest.

“The wider picture shows activity firing on all cylinders with strong index reads now being seen across all states and territories,” says Westpac senior economist Matthew Hassan. “Indeed, if there’s a week that draws a ‘hard line’ under the COVID-19 pandemic in Australia, this looks to be it.”

The Westpac card tracker presents indicators from card transactions processed by the bank.

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