Mortgage growth crashes to record low

Wednesday, 31 July 2019

The Reserve Bank of Australia (RBA) has released its private sector credit aggregates data for the month of June 2019:

A chart showing the long-run breakdown in the components is provided below:

Personal credit growth (-0.2% MoM; -1.1% QoQ; -3.5% YoY) has plunged, whereas business credit growth (-0.1% MoM; 0.1% QoQ; 4.0% YoY) and housing credit growth (0.2% MoM; 0.7% QoQ; 3.5% YoY) are at least growing, albeit slowly.

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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.