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.
Australian house lending fell for an 11th consecutive month in December as the Reserve Bank of Australia's aggressive tightening campaign raises borrowing costs and squeezes new loan sizes.
Total house lending ended 2022 with a decline of 4.3% m/m to AUD23.44 billion and is now down 27.7% from its January 2022 peak, according to the Australian Bureau of Statistics. Owner-occupier housing loans fell 4.2% m/m to AUD15.6 billion.
Total refinancing fell 1.5% m/m to AUD19.1 billion. Refinancing is expected to remain elevated this year as a wave of fixed rate mortgages expire and roll over to variable rates. The RBA's head of economic analysis, Marion Kohler, told a Senate committee this week that more than 800,000 loans worth around AUD350 billion would mature this year.
The RBA holds its first meeting of the year on February 7 and is expected to raise rates by a further 25bp to 3.35%.
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.