Australia: Private sector credit grew 0.3% in Jan - TDS

Analysts at TDS note that Australian private sector credit in Jan grew +0.3%/m and at 4.9% in annual terms, and was the slowest annual increase since May 2014.

Key Quotes

“Housing credit also grew at the slowest rate in annual terms since May 2014. This is largely due to a slowdown in lending to investors, growing at 3%, the lowest since Oct 2016 and well below the 10% annual APRA cap. Outside of housing, credit to businesses dropped 0.1%, the first decline since Feb last yr. Outside of owner occupier demand for credit, there is little evidence elsewhere for a demand in credit.”