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MNI BRIEF: Aussie Private Sector Credit Growth Slows - RBA

MNI (PERTH)
Central Bank NewsPolicy NewsAPACAustraliaBriefStoryRBARegion
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The Reserve Bank of Australia's 300bp of rate hikes since May continues to cool private sector credit growth, which fell to its slowest month-on-month pace in December since April 2021 according to data released by the central bank on Tuesday.

Total private sector credit growth cooled to a 0.3% m/m pace from 0.5% m/m in November, well down from the peak 1% m/m rate posted in November 2021. Housing credit growth slowed to 0.3% m/m from 0.4% m/m. Housing credit growth is expected to slow sharply this year as the full impact of the RBA's 300bp of hikes - and more to come - filter through to mortgage rates and repayments. The RBA is expected to lift rates by 25bp to 3.35% at its February 7 meeting.

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The Reserve Bank of Australia's 300bp of rate hikes since May continues to cool private sector credit growth, which fell to its slowest month-on-month pace in December since April 2021 according to data released by the central bank on Tuesday.

Total private sector credit growth cooled to a 0.3% m/m pace from 0.5% m/m in November, well down from the peak 1% m/m rate posted in November 2021. Housing credit growth slowed to 0.3% m/m from 0.4% m/m. Housing credit growth is expected to slow sharply this year as the full impact of the RBA's 300bp of hikes - and more to come - filter through to mortgage rates and repayments. The RBA is expected to lift rates by 25bp to 3.35% at its February 7 meeting.

Keep reading...Show less