The Westpac-DataX Card Tracker Index remained steady at 137 over the first two weeks of July, toward the lower end of range since mid-May, said Westpac on Monday.

The quarterly growth pulse is stable at 0.9-1.1% range that has been consistent with most of the current year, except for weather and holiday-related disturbances, it said.

According to an analyst at Westpac, monthly growth pulse momentum is softening with a small decline in June and latest reads showing an even weaker pace, despite no clear external disruptions.

However, details in discretionary services, especially hospitality and travel, continue to be robust.

Altogether, while consumer spending has picked up since mid-2024 from the weakness in the previous two years, growth remains subdued due to the current inflation and population growth backdrop. The data indicates a recovery in card activity that has stalled in the first half of 2024, said Westpac.