APRA housing investment loan growth turns negative

There’s no reprieve for specufestors in this month’s APRA mortgage data. Monthly flows are weak and getting weaker:

	ANZ	CBA	MAC	NAB	WBC	BOQ	BEN	SUN	Total
Sep-18	-0.4	-0.2	1.7	0.1	0.0	0.1	1.0	0.4	-0.1
Aug-18	-0.3	0.1	2.8	0.2	-0.1	-0.1	0.7	0.0	0.0
Jul-18	-0.3	-0.2	3.7	0.0	-0.1	0.2	0.4	-0.2	0.0
Jun-18	-0.1	0.3	14.0	0.5	-0.3	0.0	1.2	0.2	0.4
May-18	-0.3	-0.1	3.0	0.2	0.4	-0.8	0.7	0.2	0.1
Apr-18	-0.2	-0.1	1.9	-0.3	0.4	0.2	0.4	-2.8	0.0
Mar-18	-0.4	-0.1	1.6	0.1	0.5	0.5	0.8	-0.2	0.1
Feb-18	-0.3	-0.1	1.6	-0.1	0.5	0.5	0.1	0.0	0.1
Jan-18	-0.1	-0.1	1.3	-0.8	0.3	0.6	-0.1	-0.3	-0.1
Dec-17	0.1	-0.1	1.0	0.9	0.4	1.2	0.4	-0.2	0.3
Nov-17	0.2	-0.4	0.5	0.4	0.3	-0.6	0.1	0.1	0.1
Oct-17	0.2	0.0	0.1	0.3	0.2	0.2	-0.2	0.7	0.2
Sep-17	0.1	-0.3	-1.0	0.3	0.5	0.1	0.3	-1.7	0.1

The big four are converging below zero:

Annual growth is grinding inexorably towards zero for the top eight despite Mad Macquarie:

	ANZ	CBA	MQG	NAB	WBC	BOQ	BEN	SUN	Total
Sep-18	-2.0	-1.0	41.2	1.5	2.4	2.0	5.8	-2.1	1.2
Aug-18	-1.5	-1.1	37.5	1.7	2.9	2.0	5.0	-4.1	1.3
Jul-18	-1.4	-1.5	29.5	1.9	3.6	2.2	3.7	-3.2	1.4
Jun-18	-1.2	-4.2	24.4	2.0	4.4	1.5	2.8	-2.1	0.8
May-18	-0.7	-4.8	6.9	2.3	5.9	1.0	0.7	-0.8	0.8
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

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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.