Lending growth steady at 9% in June; RBA moves to “dent demand”

29 July 2022

 

Summary: Private sector credit up 0.9% in June, above expectations; annual growth rate up from 8.6% to 9.0%; “tightening of policy will dent demand for credit”; business loans account for about 55% of net growth again. 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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