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Australia’s annual business credit growth is expected to pick up by the middle of next year, given a recent sharp pick-up in business loan approvals and a forecast improvement in nominal GDP, according to the latest report from ANZ Research.
Private sector credit growth was just 0.2 percent in August, with investor housing (-0.1 percent m/m) and other personal credit (-0.2 percent m/m) weighing on the monthly result.
Total housing credit growth slowed to 0.2 percent m/m, with owner-occupiers posting 0.3 percent m/m growth, down from 0.5 percent in July. This saw annual growth slide to a new low of 3.1 percent.
However, it is likely that housing credit growth has reached its low. The easing in regulatory conditions, as well as rate cuts (both actual and expected) are already seeing the housing market improve. The housing credit impulse has picked up over the past few months – although there was a slight dip in August, the report further noted.
