The Reserve Bank of Australia reported that total credit rose 0.6% in August and 8.4% over the year, with business lending remaining the strongest contributor. Business credit increased 0.9% over the month and 10.9% year on year. Housing credit grew 0.4% in August and 7.3% over the year, while personal credit rose 0.7% and 5.1%, respectively. Broad money increased 0.1% during the month and 6.9% year on year. Historical data were revised following resubmissions by some financial intermediaries, updated seasonal factors and the incorporation of securitization data.
Reserve Bank of Australia reports total credit growth of 8.4% over the year to August
The Reserve Bank of Australia reported that total credit grew 0.6% in August and 8.4% over the year. Business credit recorded the strongest annual increase at 10.9%, compared with 7.3% for housing credit and 5.1% for personal credit.