Key Market Indicators
The Australian credit card transaction volume is projected to decline to approximately $234.6 billion by 2028, down from $237.7 billion in 2023. This represents an average annual decrease of 0.3%. Since 2017, demand in Australia has been falling at an average rate of 0.6% per year. In 2023, Australia ranked fifth in global credit card transaction volumes. Canada led the rankings with $237.7 billion, followed by South Korea, Japan, and Canada itself in the subsequent positions. Similarly, the number of credit cards in Australia is expected to decrease to around 21.2 million units by 2028, from 21.5 million units in 2023, marking an average annual decline of 0.3%. Despite this downward trend, since 2017, the number of credit cards in circulation has actually increased by 0.4% annually. In 2023, Australia held the 13th position globally for the number of credit cards. Italy was just ahead with 21.5 million units. The top three countries in this category were China, Japan, and Brazil.
