Visa Spending Momentum Index


Latest Release

March 22, 2023 - Visa’s Australia Spending Momentum Index (SMI) fell to 94.4 in February, coming in below the 100-line that indicates contracting economic momentum for the seventh straight month. This marks the longest period of weakening momentum in the series’ history. A slowdown in the restaurant, fuel and discretionary segments led the decline. This is only the second time since the Reserve Bank of Australia started raising rates that these three segments have fallen simultaneously. The discretionary SMI declined by 5.8 points while the non-discretionary SMI improved by 3.1 points.
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