ANZ analysts note that Australia’s total private sector credit growth was softer at 0.2% m/m while the annual growth rate slowed to 3.7%, from 3.9%.
Key Quotes
“Housing sector credit growth grew 0.3% m/m (from 0.2%). This put annual growth at 3.8% – the slowest rate in over four decades. Investor credit growth was flat at 0.0% m/m (and 0.6% y/y). Owner-occupier credit growth remained steady at 0.4%, with annual growth of 5.5%.”
“Business sector credit growth was flat in April. Year-on-year growth was 4.5%, falling from a rise of 5.1% y/y in March.”
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