The ABS has released March Lending Finance. It shows strengthening business lending and stabilisation in conmsumer lending after three months of heavy falls:
MARCH KEY POINTS
MARCH 2011 COMPARED WITH FEBRUARY 2011:
HOUSING FINANCE FOR OWNER OCCUPATION
- The total value of owner occupied housing commitments excluding alterations and additions fell 1.7% in trend terms and the seasonally adjusted series fell 1.1%.PERSONAL FINANCE
- The trend series for the value of total personal finance commitments fell 2.6%. Revolving credit commitments fell 3.2% and fixed lending commitments fell 2.1%.
- The seasonally adjusted series for the value of total personal finance commitments rose 0.5%. Fixed lending commitments rose 2.1%, while revolving credit commitments fell 1.2%.COMMERCIAL FINANCE
- The trend series for the value of total commercial finance commitments rose 0.3%. Fixed lending commitments rose 0.5%, while revolving credit commitments fell 0.2%.
- The seasonally adjusted series for the value of total commercial finance commitments rose 13.3%. Fixed lending commitments rose 17.1% following a 10.0% fall in the previous month. Revolving credit commitments rose 5.3%.LEASE FINANCE
- The trend series for the value of total lease finance commitments fell 0.8%, while the seasonally adjusted series rose 10.5%.
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The RBA’s D02 credit aggregates have shown two good months of gains in business lending so there is no surpise in the strong jump. The small rise in personal lending is a turnaround after three straight months of falls, some quite sharp.
One month is not alot to go by but there is stabilisation here to that extent.
