Australians spent $17.77 billion on their credit and charge cards in May, an increase of 2.3 per cent from the previous month, new figures show.

The credit card spending data were published in the Reserve Bank of Australia’s (RBA) latest monthly bulletin released on Thursday.

It showed consumers’ purchases with credit and charge cards rose 2.5 per cent in May to $16.896 billion, compared with $16.482 billion the previous month.

Cash advances declined for the second straight month after falling 2.4 per cent in May.

Government cash handouts to low to middle income earners started to arrive in May this year, a month where retail sales rose 1.0 per cent, according to figures from the Australian Bureau of Statistics (ABS).

Credit card repayments fell for the second straight month after declining 0.9 per cent in May to $18.006 billion.

Total credit card repayments have fallen by 1.3 per cent over the past 12 months, compared with an average of 9.8 per cent over the preceding five years.

The average credit card balance outstanding was $3,093.79 in May, compared with $3,080.56 in April.

The average credit card balance outstanding sat above $3,100 between April 2008 and March this year.

Total credit and charge card balances outstanding have grown by two per cent over the past 12 months, compared with an average of 12.6 per cent over the preceding five years.

Meanwhile, total EFTPOS purchases, including cash advances, rose to $11.326 billion in May, from $10.859 billion in the previous month, an increase of 4.3 per cent.

The value of EFTPOS purchases rose by 14.9 per cent over the past 12 months, compared with an average of 12.6 per cent over the preceding five years.

AAP