Monthly financial aggregates published by the Reserve Bank of Australia confirm a continuing shift in the composition of credit growth.Private sector credit increased by 1.1 per cent in December over November and increased by 16.5 per cent in the year to December. CommSec noted that this was the fastest rate of growth since October 1989 (and only months before the onset of Australia's last recession). Growth in business credit, presumably funding business investment, increased by 1.6 per cent over the month and increased by 24.3 per cent over the year. The rate of growth in housing credit by contrast continues to sag, with monthly growth of 0.8 per cent in December and an annual growth rate of 11.6 per cent, which CommSec notes is nearing the weakest growth rate in nine years.