Housing and business credit markets stuck in second gear
Lending data released by the Reserve Bank and the Australian Prudential Regulation Authority yesterday show that growth rates remain weak.According to the RBA, housing credit increased by 0.4 per cent in September. Over the year to September, housing credit increased by 4.7 per cent (in seasonally adjusted terms).Other personal credit, including credit cards, has fallen by 0.9 per cent over the year to September.Business credit increased by 0.3 per cent on September. Over the year to September business credit has increased by 3.8 per cent.According to APRA, there was no growth in mortgage lending in the September quarter, while credit card advances fell by 3.1 per cent over the same period. Household deposits increased by 3.2 per cent in the September quarter.APRA's figures show a strong pick-up in business lending in the September quarter - up four percent (an annualised rate of 16 per cent). But the September figure is consistent with the RBA.