The value of loans outstanding to the private sector grew in December, but personal credit has continued to flatline, data out of the Reserve Bank of Australia shows.
The central bank’s financial aggregates for December show total credit increased by 0.5 per cent, after increasing by the same amount in November.
In the 12 months to December total credit growth came in at 5.9 per cent, increasing on the 3.8 per cent rise in the previous year.
But personal credit was absolutely flat in December — after posting the same flatline result in November.
Business credit, meanwhile, increased 0.5 per cent in the month after lifting 0.3 per cent in November.
Housing credit grew by 0.6 per cent in December after a 0.6 per cent increase in November.
Broad money, which includes currency, deposits and other short-term liquid liabilities, rose by 0.7 per cent in the month, after lifting 0.3 per cent in November.
The twelve months to December, housing loans rose 7.1 per cent, compared with 5.4 per cent growth in the previous year.
Personal loans lifted 0.9 per cent in the year to December, up from a 0.9 per cent lift in the prior year.
Business loans, meanwhile, had lifted significantly over the year, rising 4.8 per cent, compared with a 1.6 per cent rise in the previous year.
Broad money rose 7.7 per cent over the year, up from 5.8 per cent over the prior year.
This news story is reprinted from www.businessspectator.com.au
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