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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUSTRALIA DATA
The RBA’s total credit measure grew less than expected in June at 0.2% m/m to be up 5.5% y/y down from 6.2%, the lowest since October 2021. All the major components had slowed on the year except other personal credit, which is now +0.5% y/y after a trough of -12.9% in September 2020, as it has become a source of finance as cost of living issues bite. While not a tier 1 data series, the downward trends in credit are pointing to slowing growth and pressure on households.
- Total housing credit rose 0.2% m/m and 4.5% y/y, down from 5%, the lowest since April 2021. While credit for owner occupiers was steady up 0.4% m/m (+5.3% y/y), it contracted 0.1% for investors to be only +3% y/y, which was the first monthly fall since the Covid-impacted June 2020. Between higher rates and talk of intervention in the housing market, investors are losing confidence.
- Credit for non-financial businesses rose a moderate 0.3% m/m but it remains up a robust 8.3% y/y but down from May’s 9.7%.
- Broad money growth continued to slow with the first monthly decline since April 2018 and the annual rate at 4.3% y/y down from 5.9%.
Australia credit 12mth % change
Source: MNI - Market News/RBA
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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