Lending growth slows in October

30 November 2022

 

Summary: Private sector credit up 0.6% in October, in line with expectations; annual growth rate up from 9.4% to 9.5%; new lending for housing now declining; business loans account for 50% 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 2021. That...

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