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Changes to negative gearing and capital gains tax in the federal budget have sharply reduced investor credit growth.
The Reserve Bank of Australia’s (RBA) credit aggregates data for August, illustrated below by Justin Fabo from Antipodean Macro, show that investor housing credit growth decelerated sharply to 0.32%, down from the recent peak of 0.95% in December 2025:
“The slowing in investor housing credit growth in Australia is broadly consistent with a decline in related Google search activity”, Fabo notes:
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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.
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