Households put the pedal to the metal in June, charging $90.1 billion to credit and debit cards – the second highest total on record – despite an uptick in credit card debt.
Canstar's analysis of today’s RBA credit card statistics shows Australians ramped up their spending on debit cards in June, putting an extra $1.1 billion on their cards in just one month.
While credit card spending took a small step backwards, slipping by a modest $456 million, combined with debit card spending, the total increase was $666 million in the month.
Value of card transactions, | |||
|---|---|---|---|
Amount | Monthly | Annual | |
Debit cards | $60.7 | +$1.1 | +$5.0 |
Credit cards - | $29.4 | -$465 | +$428 |
Total | $90.1 | +$666 | +$5.4 |
Source: RBA credit card statistics, June 2026, released 7 August 2026, seasonally adjusted terms, excludes commercial cards.
Discretionary spending the driving force
Today’s figures come on the back of the ABS Monthly Household Spending Indicator data for June, released on Tuesday, which showed a surprise rise in nominal spending in the month of 0.8%, bringing the annual rate to 6.0%.
This was driven by a rise in discretionary spending for the second month in a row, up 1.2% in the month and 6.7% through the year, in seasonally adjusted terms, with the biggest contributors being spending on new vehicles, in particular, EVs, travel and recreation.
Debt accruing interest on credit cards edges closer to $20 billion
Credit card debt accruing interest rose, albeit by a relatively-minor $37 million, up 0.2%, in June, as the total bill attracting interest charges across all personal credit cards reached $19.5 billion, in original terms.
Credit card debt accruing interest | |
|---|---|
Amount - June 2026 | Monthly change |
$19.5 billion | +$38 million +0.2% |
Source: RBA credit card statistics, June 2026, released 7 August 2026, original terms, excludes commercial cards.
$90 billion isn't what the RBA wants to see
Canstar's Data Insights Director, Sally Tindall, says, “It's increasingly becoming a two-tier reality across Australian households where some are spending with plenty of fuel left in the tank, while others are on empty, reaching for the credit card.”
“Seeing Australians spend more than $90 billion across their credit and debit cards in a single month isn’t exactly what the RBA wants to see when it comes to reining in inflation.
“The RBA has a lot of different data points to consider and these figures add another misshapen piece to the increasingly complicated puzzle.
“Consumer spending, in aggregate, has remained surprisingly resilient, despite higher borrowing costs, however, the impact is sharply varied across the country.
“The ABS Monthly Spending Indicator data points to elevated discretionary spending, increasing by 6.7 per cent over the year.
“That said, there’s still plenty of Australians struggling with credit card debt, with the total amount owing now knocking on the door of the $20 billion mark.
“With credit card rates sitting at an average of 18.62 per cent, they’re one of the most expensive ways to borrow. Anyone carrying a balance month-after-month should be looking for ways to pay it down faster.”
