February credit growth “fastest annual pace” since November 2008

31 March 2022

 

Summary: Private sector credit up 0.6% in February; in line with expectations; annual growth rate up from 7.6% to 7.9%; fastest annual pace since November 2008; evidence of confidence in economic outlook, future earnings; business loans account for about 45% of net growth, owner-occupiers loans 40%. The pace of lending to the non-bank private sector by financial institutions in Australia followed a steady-but-gradual downtrend from late-2015 through to early 2020...

read full story