The ABS this morning released Lending Finance data for the month of May, which delivered a mixed bag:
In seasonally-adjusted terms, personal finance rose by 0.4%, but is essentially flat over the year:
Commercial finance fell sharply (-12%) in May, reversing last month’s strong rise, and remains -5.7% lower over the year:
Lease finance commitments rose by 3.2% in May and have risen by 43% over the year. After falling sharply post-GFC, lease finance is clearly in recovery mode:
Australia’s love affair with home renovations continues to wane, with finance commitments for home renovations contracting by -4.7% in May and by -12% over the year:
Finally, while the value of owner-occupier housing finance rose by 0.2% in May, more importantly, the number of commitments (excluding refinancings) fell by -0.8% (see last week’s post).
