Sydney, Australia – November 2022 – Australian consumers are determined to come out on top of  the current economic turbulence, with 69% of Australians remaining ambitious when it comes to achieving their financial goals, such as saving for a holiday, buying a house or paying off debt. 

The Equifax Australian Credit Scorecard 2022 has revealed that Australians are pragmatically tackling economic uncertainty, setting financial goals (89%), implementing budgeting techniques (51%), and spending less on discretionary items than they were 12 months ago (37%).

The Equifax Australian Credit Scorecard offers market-leading insights into the credit habits, behaviours and scores of Australian consumers. It combines Equifax analysis on the credit scores of the Australian banking population with consumer research of 1,016 Australians.

Compared to last year, half (48%) of Australians are now more likely to save each month, with Gen Z (64%) and Millennials (60%) saving more than older generations.

James Forbes, General Manager Consumer, Equifax, supports the actions that Gen Z and Millennials are taking to overcome economic curve balls and, as a result, improve their credit scores. 

“Gen Z Australians aged 18-24 have a lower average credit score of 665 when compared to the national average of 846. This is likely due to Gen Z not being active in the credit system for as long as older generations. 

“While the lower credit score isn’t cause for immediate concern, as they certainly have time to improve their score, it highlights the need for the younger generations to understand how healthy financial habits beyond saving, such as making repayments on time, can build a positive picture of creditworthiness. These behaviours will put them in a better position in the future, when their score will play a key role in helping them take out credit for big life milestones, like purchasing a car or a home.” 

Despite Australians’ clear interest in improving their financial situation, there are still barriers to achieving financial freedom, with only half (50%) knowing how to access their credit report. 

Another 70% of Australians were also found to not be fully aware of all the information included in a credit report. This knowledge gap could hinder consumers’ ability to demonstrate to lenders they are in control of their finances and secure access to credit, and highlights the need for continued financial literacy efforts from institutions like banks and credit providers. 

Recent interest rate rises also have seven in ten (69%) mortgage holders concerned about not being able to make their repayments or starting to take action about their mortgage and spending habits. In light of this pressure, many are taking immediate action including considering refinancing their mortgage (27%) and making changes to their spending habits (43%).

“Many mortgage holders who bought at the top of the market haven’t had time to pay down their loans or build equity. Depending on how far they have extended themselves, this group is going to be among the first to feel the pinch as interest rates rise,” Forbes said. 

“As a result, these consumers are looking for levers they can pull to help alleviate their financial strain. For example, our data shows that refinancing has surged to nearly 38% of all home loans, and we can see a steady increase from April this year as interest rates started to rise and homeowners looked to find a better deal or fix their loan. We expect that trend to continue for some time.”

Exploring Australian credit attitudes 

According to Equifax data, female Australians have a higher average credit score than males (858 and 836 respectively). This could be a reflection of different attitudes to finance; a higher proportion of women say they have financial goals (91%) compared to men (88%), while more men (75% compared to 68% women) are using short-term credit and are curious about alternative ways to finance their lifestyle (11% men compared to 6% women).

More promisingly, the Equifax Australian Credit Scorecard 2022 has revealed a clear interest amongst Gen Z and Millennials in protecting their finances, with Millennials more likely than the older generations to say they are more likely to stick to a budget now compared to a year ago (61% Millennials compared to 53% Gen X and 35% Baby Boomers). Gen Z (64%) and Millennials (60%) are also more likely than those older to claim they save more now than a year ago, while Gen X (40%) and Baby Boomers (55%) are more likely than those younger to say their monthly saving habits remain unchanged.

“The findings of the Equifax Australian Credit Scorecard 2022 highlight how proactive and determined Australians are to realise their financial ambitions in an evolving economy. However, it is important that consumers have access to the correct information, avoid ‘shopping around’ for multiple lines of credit and establish positive credit behaviour early on to create better opportunities to secure credit,” Forbes said.

“Cementing healthy financial habits early can help Australians get into a better credit position, which will in turn allow them to achieve their financial goals. It’s promising to see younger Australians building positive financial behaviours to close the gap with their more established counterparts, which can lead to an improved credit score over time.

“Given the challenging economic environment, it’s more important than ever that consumers know how to navigate the credit system and understand the power of their positive credit behaviours. This is why Equifax is dedicated to educating consumers and helping people live their financial best ,” continued Forbes.

Click here for an infographic outining more of the key findings from the 2022 Equifax Australian Credit Scorecard. 



At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by more than 14,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit or follow the company’s news on LinkedIn.

The Equifax Credit Scorecard offers market-leading insights into the credit habits and Equifax credit scores of Australian consumers. It combines an analysis of more than two million Equifax credit scores with consumer research of 1,000 Australians. An Equifax credit score is a summary of an individual’s credit information held by Equifax and indicates how credit providers may view consumers when they apply for credit. Equifax credit scores may be used by consumers to help them negotiate when applying for credit. 

An Equifax credit score will fall into one of five bands, with each band representing a consumer’s level of risk according to their Equifax score. The score bands are:

  • Excellent (1,200 – 933)
  • Very good (932 – 811)
  • Good (810 – 675)
  • Average (674 – 523)
  • Below Average (522 – 0)

Consumers can access their free credit report from Equifax at

Purpose of Equifax media releases:
The information in this release does not constitute legal, accounting or other professional financial advice. The information may change, and Equifax does not guarantee its currency or accuracy. To the extent permitted by law, Equifax specifically excludes all liability or responsibility for any loss or damage arising out of reliance on information in this release and the data in this report, including any consequential or indirect loss, loss of profit, loss of revenue or loss of business opportunity. 

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