Private sector credit figures from the Reserve bank show the following, according to a note to clients from CommSec's chief economist: Bank deposits rose just 2.5 per cent over the year to April - the slowest growth in 26 years. "Aussies are putting their money somewhere but it's not in the bank. Bank deposit growth hasn't been slower in a quarter of a century, same for the M3 and Broad Money measures of money supply," Commsec said. "This is very much a low interest and low inflation environment. And clearly interest rates are going nowhere is a hurry." Investment up modestly: New business investment (spending on buildings and equipment) rose by 0.4 per cent in the March quarter to be up 3.7 per cent over the year - just short of the best growth in five years. Non-mining: Services sector investment hit a record high of $72.2 billion for the year to March. Expected business investment: The second estimate of investment in 2018/19 is $87.74 billion and is 1.4 per cent higher than the second estimate for 2017/18. Expected investment by non-mining and manufacturing firms has never been higher. Lending and money: Private sector credit (effectively outstanding loans) rose by 0.4 per cent in April after a 0.5 per cent rise in March. Credit was up 5.1 per cent over the year. Private sector credit is effectively the amount of loans outstanding in the economy. Credit is separated into three categories - housing, other personal and business. If growth in lending is strong then it suggests that credit from financial institutions is freely available, underlying demand for assets such as cars and houses is firm and that the price of credit (interest rates) is attractive, CommSec explained.Meanwhile, the CBA's counterparts at Westpac were assessing the implications for the housing sector. "Housing credit grew by 0.43 per cent in April, the softest monthly outcome since March 2016 (ahead of RBA rate cuts) and before that since August 2013. Annual growth is now 6.0 per cent, the slowest pace since March 2014," Andrew Hanlan, Economist for Westpac wrote in a note to clients.