A “soft” update; private credit up just 0.2% in June

31 July 2023

 

Summary: Private sector credit up 0.2% in June, less than expected; annual growth rate slows to 5.5%; Westpac: a “soft” update; ACGB yields down modestly; rate-rise expectations firm slightly; owner-occupier lending segment accounts for 80% of net growth. The pace of lending growth in the non-bank private sector by financial institutions in Australia followed a steady-but-gradual downtrend from late 2015 through to early 2020 before hitting what appears to be...

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