Powered by MOMENTUM MEDIA
subscribe to our newsletter

Businesses continue to drive credit growth

Overall credit growth rose again in October, with business lending experiencing the biggest increase, according to a major bank.

Research by ANZ and the Reserve Bank found that total credit growth was up 0.7 per cent for the month and up 6.7 per cent year-on-year.

Business credit growth once again saw the biggest monthly increase (1.0 per cent), and rose 6.6 per cent year-on-year.

Total housing credit growth was up 0.6 per cent in October, and increased by 7.5 per cent year-on-year. Owner-occupier credit growth rose 0.7 per cent during the month, and by 6.1 per cent year-on-year, while investor credit growth was up 0.4 per cent for the month, and by 9.7 per cent year-on-year.

Personal credit growth was the only sector to experience a drop – down 0.3 per cent for the month – while its year-on-year growth remained steady.

Advertisement
Advertisement

PROMOTED CONTENT


ANZ said solid business conditions and confidence should see credit growth continue for that sector, but the longer-term outlook will be constrained by businesses’ soft investment intentions.

“Meanwhile, total housing lending remained solid in October, although easing sentiment in the housing market and out-of-cycle mortgage rate increases at the end of October should see credit growth slow from here,” the bank said.

[Related: Business credit growth hits seven-year high]

Businesses continue to drive credit growth
mortgagebusiness

Latest News

The chairman of the financial services regulator has resigned from his position, effective immediately. ...

Refinancing settlements for the first nine months of the calendar year 2020 are up 27 per cent on last year’s volumes, having peaked in Ju...

The Tasmanian-based lender has seen a 43 per cent rise in settlements in the first quarter of the financial year, driven by strong demand fr...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Victoria’s surprising appetite for new homes

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.