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AUSTRALIAN APPETITE FOR CREDIT ON THE WANE.
SYDNEY, Sept 1 Asia Pulse Asia Pulse - Australia's appetite for credit continues to wane following interest rate hikes earlier this year, with the housing sector taking a big hit.
Credit figures released today by the Reserve Bank of Australia (RBA) reinforce signs of slowing in the economy and the likelihood of that official interest rates could be cut a number of times in the coming months.
Lending for housing, personal use and business rose 0.5 per cent in July, and was up 11.2 per cent in the year.
However, since May, the pace of credit growth has softened, and the July move was the slowest annual rate in six years, or since August 2002.
Demand for housing loans rose by 0.5 per cent in July and 9.8 per cent over the year - the slowest pace in 21 years, when the annual rate was 9.8 per cent in March 1987.
CommSec economist Savanth Sebastian said lending for property was bearing the brunt high interest rates.
"It is showing no signs of recovery," Mr Sebastian said.
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Source: HighBeam Research, AUSTRALIAN APPETITE FOR CREDIT ON THE WANE.