The ABS this morning released Lending Finance data for the month of September, which registered solid seasonally-adjusted rises across all categories:
In seasonally-adjusted terms, the value of personal finance commitments rose by 2.6% and were up 4.2% over the year:
The value of lease finance commitments also rose – up 10.1% over the month – and have increased by 34.7% over the past year:
The value of commercial finance rose by 6.9% in September, but are down -6.2% over the year, well below pre-GFC highs:
And as highlighted yesterday, the value of housing finance commitments rose by 1.5% in September and is up 4.4% over the year:
So it looks like the RBA’s -1.50% of cuts to interest rates over the past year are finally having an effect.
Twitter: Leith van Onselen. Leith is the Chief Economist of Macro Investor, Australia’s independent investment newsletter covering trades, stocks, property and yield. Click for a free 21 day trial.