Forecast: Number of Cards with a Credit Function in Australia

The number of credit cards in Australia experienced significant fluctuations between 2013 and 2023. In 2023, the volume stood at 21.55 million units, showcasing a marginal decline from the previous year. The period from 2013 to 2016 saw steady growth, peaking at 24.26 million units, followed by a downward trend most notably in 2020, with a sharp 17.31% decrease due to economic uncertainties. The rebound in 2021 (+26.04%) was short-lived, as the values stabilized around 21-22 million units. The compound annual growth rate over the last five years was 0.36%. The forecast from 2024 to 2028 predicts a gradual decline with a CAGR of -0.31%.

Future trends to watch for:

• Increasing adoption of digital payment methods.
• Potential impact of economic factors on credit card adoption.
• Shift in consumer preferences towards alternative financing options.