Interest.co.nz’s David Hargreaves has posted the below chart showing that Kiwis continue to leverage big time into non-productive housing lending, whereas consumer lending has also rebounded hard. By contrast, lending to productive areas of the economy – businesses and agriculture – remains stuck in negative:
The latest increase [in housing lending] means that the annual rate of increase has lifted to 11.4% from 11% a month earlier and that’s now the fastest pace of growth since February 2008…