Yesterday’s Lending Indicators data for September from the ABS revealed that Aussie households continue to shun consumer borrowings, with personal finance commitments falling to their lowest level on record:
As shown above, annual new personal finance commitments fell by 13% year-on-year and were 41% below the long-term average.
This followed Friday’s private credit data from the RBA, which showed that personal credit has also plummeted to its lowest level on record:
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