The data reveals a consistent decline in household revolving credit in Australia from 2013 to 2023, with the value decreasing from 79.17 billion AUD in 2013 to 40.41 billion AUD in 2023. This represents a significant reduction over the decade. Recent year-on-year variations indicate a drop of 5.7% in 2023 and 1.45% in 2022, following a larger 19.72% decrease in 2020. The Compound Annual Growth Rate (CAGR) for the last five years up to 2023 has been around -9.04%, highlighting the persistent downward trend.
Future projections show this decline is expected to continue, with forecast data suggesting the value will fall to 30.7 billion AUD by 2028. The forecasted 5-year CAGR is -4.25%, representing a predicted overall growth rate decline of 19.53% from 2024 to 2028.
Trends to watch for include potential shifts in consumer borrowing behavior due to changing economic conditions, regulatory impacts on lending practices, and technological advancements in financial services that may influence household credit dynamics.
