Credit growth slows in January; business borrowing eases after strong end to 2021

Summary: Private sector credit up 0.6% in January, below +0.7% expected; annual growth rate rises from 7.2% to 7.6%; business credit “remains very strong”; “underlying strength” in business capex, sector responding to strong household demand, generous tax incentives; owner-occupier loans account for about 45% of net growth, business loans account for 35%; investor lending slows, personal loans down again. The pace of lending to the non-bank private sector by financial...

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