Lending growth slows in July, down from “brisk pace” of June quarter

Summary: Private sector credit up 0.7% in July, in line with expectations; annual growth rate steady at 9.1%; represents “step-down” from June quarter pace; policy U-turn underway; business loans account for over 60% of net growth. 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 before hitting what appears to be a nadir in March...

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