It appears only Westpac is standing between specufestors and a house price crash

That’s the picture painted by today’s APRA banking numbers for April. Month on month growth is zero:

	ANZ	CBA	MAC	NAB	WBC	BOQ	BEN	SUN
Apr-18	-0.2	-0.1	1.9	-0.3	0.4	0.2	0.4	-2.8
Mar-18	-0.4	-0.1	1.6	0.1	0.5	0.5	0.8	-0.2
Feb-18	-0.3	-0.1	1.6	-0.1	0.5	0.5	0.1	0.0
Jan-18	-0.1	-0.1	1.3	-0.8	0.3	0.6	-0.1	-0.3
Dec-17	0.1	-0.1	1.0	0.9	0.4	1.2	0.4	-0.2
Nov-17	0.2	-0.4	0.5	0.4	0.3	-0.6	0.1	0.1
Oct-17	0.2	0.0	0.1	0.3	0.2	0.2	-0.2	0.7
Sep-17	0.1	-0.3	-1.0	0.3	0.5	0.1	0.3	-1.7
Aug-17	-0.2	-0.4	-3.2	0.4	0.6	0.1	-0.5	0.9
Jul-17	-0.1	-3.0	-0.2	0.2	0.6	-0.4	-0.4	1.0
Jun-17	0.4	-0.4	0.0	0.7	1.1	-0.5	-0.9	1.5
May-17	0.3	0.1	-0.8	0.6	0.8	0.3	0.2	0.5

Year on year is just 1.1%:

	ANZ	CBA	MAC	NAB	WBC	BOQ	BEN	SUN	Total
Apr-18	-0.1	-4.7	2.9	2.7	6.3	2.1	0.2	-0.5	1.1
Mar-18	0.5	-4.3	1.2	3.5	6.4	2.0	0.1	2.1	1.5
Feb-18	1.4	-4.0	-0.7	4.0	6.3	1.5	-0.7	-0.1	1.7
Jan-18	2.0	-3.6	-3.0	4.5	6.1	-0.3	0.0	-0.2	1.9
Dec-17	2.0	-2.9	-5.0	5.8	5.9	-1.5	1.0	0.3	2.2
Nov-17	2.4	-2.0	-6.8	5.4	6.2	-3.0	1.8	1.2	2.5
Oct-17	2.5	-0.8	-8.0	5.4	6.7	-2.9	3.6	1.5	3.0
Sep-17	2.5	-0.1	-8.6	5.7	7.1	-3.8	5.7	0.6	3.4
Aug-17	2.4	0.9	-8.3	5.8	7.4	-4.5	6.2	2.0	3.8
Jul-17	2.2	1.9	-6.3	5.9	7.4	-5.7	7.9	0.7	4.0
Jun-17	1.8	5.7	-6.6	6.0	7.2	-6.3	8.8	-0.3	4.9
May-17	0.9	7.3	-6.6	5.3	6.7	-6.5	3.3	-0.1	4.8

The chart:

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.