Kiwis binge on debt like its 2008

Monday, 1 August 2016

On Friday, the RBNZ released its monthly credit aggregates data, which showed that household borrowing hit an annual growth rate of 8.3% in June – the highest level since May 2008 just prior to the onset of the Global Financial Crisis (GFC):

Most of this growth in debt was driven by mortgages, which grew by 8.8% in the year to June 2016 – also the highest level since May 2008:

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.