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MNI BRIEF: Aussie Loans, Finance Leases Up 0.7% in Sep - APRA

MNI (PERTH)
MNI (Perth)

The impact of the Reserve Bank of Australia's cumulative 250bp of tightening has yet to dampen demand for loans and finance leases, which increased 0.7% in September, data released on Monday by the Australian Prudential Regulation Authority shows.

Loans and finance leases increased AUD23.5 billion in the month, with year-on-year growth if 9.8% - or AUD291.2 billion - in the 12 months to the end of September. The increase was mainly driven by a 1.7% - or AUD15.7 billion - rise in loans to non-financial businesses and a 0.5% increase - or AUD6.5 billion - lift in loans to owner-occupier housing.

The RBA is expected to raise interest rates by further 25bps to 2.85% when it meets on November1. (See MNI RBA PREVIEW - November 22: 25bp Next, Hikes Into 2023)

Robert covers RBA and RBNZ policy and the economy for MNI in Australia.
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Robert covers RBA and RBNZ policy and the economy for MNI in Australia.
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