Elevated interest rates, sluggish economy: private credit growth modest in March

Private sector credit up 0.3% in March, less than expected; annual growth rate ticks up to 5.1%; Westpac: modest growth in environment of elevated interest rates, sluggish economy operating at high capacity; ACGB yields fall; rate-change expectations somewhat mixed; business segment accounts for 50% 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...

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