The RBA released their financial aggregates for May 2014 today. Housing lending now totals $1.36 trillion, up by $7.2 billion, a growth rate of 0.5% in the month, and 6.2% in the past 12 months. Investment lending grew at 0.8% in May, whilst owner occupied loans grew at 0.4%.
Investment lending is growing faster, at 8.3% compared with 5.2% for owner occupation over 12 months. These are all seasonally adjusted numbers.
Personal credit fell again, by 0.3% in the month, giving an annual rate of 0.3%, and business lending grew 0.2%, giving and annual rate of 2.7%. So, the focus on lending for housing continues.
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