Aussie credit card spend 'up by a tenth'

Around a tenth more was spent on Aussie credit cards in June than in the previous month.

New figures show that nine per cent more funds were placed on Aussie credit cards in June than in the previous month as more consumers used their plastic for purchases.

The average Aussie credit card debt now stands at $3,127.05, up from April and May but down slightly over the year, reports the AAP.

In all, $19 billion of expenditure was made using credit and charge cards, according to the figures from the Reserve Bank of Australia.

Savanth Sebastian, economist with CommSec, suggests that the stability in average Aussie credit balances and year-on-year drop in the amount owed are indicators of a more cautious approach from cardholders.

"The latest reading on credit card usage really highlights the impact of the global financial crisis on the average consumer," he tells AAP.

"Consumers continue to embrace the new era of consumer conservatism."

The Dow Jones newswire recently reported that more Aussies are anticipating that inflation will fall within the Reserve Bank of Australia's target range in the coming year.

Some 17 per cent of those canvassed believe it could land between two and three per cent within the next 12 months, up from nine per cent at the same point in 2008.

Written by Bret Clement