Annual credit growth hits two-year low in October

30 November 2023

 

Private sector credit up 0.3% in October, below expectations; annual growth rate slows to 4.8%; Westpac: fresh two-year low, slowest annual pace since August 2021; ACGB yields up moderately; rate-rise expectations firm slightly; owner-occupier segment accounts for around 55% 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...

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