‘Picking up again’: Spending up 3.7% in year, Westpac data says

Falling mortgage rates will boost spending, Satish Ranchhod says. (Image: Supplied)

Fri, 14 Mar 2025

Westpac’s senior economist, Satish Ranchhod, says spending is "starting to pick up again" after the bank’s data showed a 3.7% annual rise in spending on Westpac-issued credit and debit cards. Westpac's Retail Spending Pulse, released on Friday, showed the upward shift was helped by a 5% rise in grocery spending and 7.1% growth in the homeware category. “While that’s not a bad rate of growth, it follows a tough 2024 for many retailers when sales undershot targets,” Ranchhod said.&nb...

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