Active credit card spending in Australia

Over $100 billion is expected to be spent within the next half year by the Australian shoppers on their credit cards. The data were reported by MasterCard Worldwide Index of Retail. The index forecasts retail consumer spending to grow 4.5% over the previous year.

According to MasterCard Australasia vice-resident Eddie Grobler the results reflected the strong period of economic growth experienced over the past ten years.

"The economic slowdown has become a major concern for many Australians, yet despite rising petrol prices and the risk of further interest rate rises by the big four banks, retail spending remains strong," he said. "Australians may be feeling less confident as they hear about a possible slowdown in the economy, but they continue to manage their retail spending appropriately."

Yet Australians are highly pessimistic about the future with confidence dropping 22.1 points to 42.8. Besides, their outlook on quality of life dropped down 28.1 points to 32.7.