Lending In Australia Increases Marginally During November

Post by Sharat on January 13, 2010 · Under Australian Economy, Business News, banking, interest rates, loans · Comment 

Lending in Australia increased by a marginal 1.1 per cent during November, after a 1.5 per cent decline during October, according to new data released by the Australian Bureau of Statistics (ABS).

Personal finance commitments increased to $7.03 billion, after first declining to $6.953 billion during October.

Data from the ABS suggests that owner occupied housing commitments however have continued their fall, declining 2.9 per cent to $16.5 billion.

Owner occupied housing finance declined by 1.7 per cent to $17.176 billion during October, down from $17.465 billion in the previous month.

Fixed lending commitments declined by 0.4 per cent in November whilst revolving credit commitments increased by 2.5 per cent.

Commercial finance rose significantly in November after steep declines in October. The figure rose four per cent from $25.778 billion in October to $26.7 billion.

Leasing finance experienced a sharp reduction, declining by three per cent in November to $370 million, compared to the $382 posted in October.

The Reserve Bank of Australia has embarked on an interest rate tightening policy, and raised official interest rates by a total of 75 basis points since October, with the official cash rate now at 3.75 per cent.

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