Digital Finance Analytics (DFA) Blog
"Intelligent Insight"
The ABS finally released their November 2022 New Lending stats today. Overall new loan commitments fell 3.7% in the month, and apart from refinancing, which hit a record, all other loan categories dropped to levels which in some cases were below pre-COVID levels.
First time buyers were hit hard.
More signals of a falling property market ahead.
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We look at the latest lending stats from the ABS. Overall new loan volumes are down, but refinancing is still running at circa $12 billion a month, close to record highs. On the other hand, first time buyer volumes are down. But the average new loan is growing again, which may be a sign of more equity-mate style redraws.
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The latest Wages Price Index data released by the ABS today contained some stronger than expected growth, especially in the Private Sector. Some of this was because of the Fair Wage Commission Award. Public Sector workers did less well.
Nevertheless, despite the rise, inflation is running hotter, and we know that neither the Treasury nor RBA expect real wages growth for the next couple of years. On the other hand, stronger wage rises will stoke inflation further.
The latest edition of our finance and property news digest with a distinctively Australian flavour.
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We look at the latest stats from the ABS relating to new credit growth and building approvals, both which are sliding, and sliding fast.
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Today’s post is brought to you by Ribbon Property Consultants.
The latest Australian inflation figures from the ABS came in hot, suggesting more rate rises from the RBA.
The Consumer Price Index (CPI) rose 1.8% this quarter. Over the twelve months to the September 2022 quarter, the CPI rose 7.3%. The most significant price rises were New dwelling purchases by owner-occupiers (+3.7%), Gas and other household fuels (+10.9%) and Furniture (+6.6%).
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The ABS data today was a bit of a shock, compared with expectations, as the data indicated a slowing of the employment market. Some of this could be just a Numberwang though.
https://www.abs.gov.au/statistics/labour/employment-and-unemployment/labour-force-australia/sep-2022
Go to the Walk The World Universe at https://walktheworld.com.au/
The ABS data today was a bit of a shock, compared with expectations, as the data indicated a slowing of the employment market.
https://www.abs.gov.au/statistics/labour/employment-and-unemployment/labour-force-australia/sep-2022
Go to the Walk The World Universe at https://walktheworld.com.au/
Today’s post is brought to you by Ribbon Property Consultants.
A quick look at the new monthly CPI from the ABS. Core inflation is still rising.
More signals of a 50-basis point hike next week.
Go to the Walk The World Universe at https://walktheworld.com.au/
More reasons to argue for a 50-basis point rate hike in October, as the latest provisional retail figures came in pretty strong. Much of this is explained by the inflated prices we are paying for things, but despite very low consumer confidence households continue to spend (even if via credit).
So far higher rates are not slowing the pace, hence another jumbo-sized hike is warranted.
Go to the Walk The World Universe at https://walktheworld.com.au/
The ABS released their latest data on the labour market today, and it was not quite what was expected by the markets. In fact the seasonally adjusted unemployment rate rose to 3.5 per cent in August 2022, according to the ABS. The key reason for the rise in unemployment was the 0.2% lift in the labour force participation rate to 66.6%. The participation rate now sits just below the record high 66.8% recorded in June. Today’s post is brought to you by Ribbon Property Consultants. If you are buying your home in Sydney’s contentious market, you do not need to stand alone. This is the time you need to have Edwin from Ribbon Property Consultants standing along side you. Buying property, is both challenging and adversarial. The vendor has a professional on their side. Emotions run high – price discovery and price transparency are hard to find – then there is the wasted time and financial investment you make. Edwin understands your needs. So why not engage a licensed professional to stand alongside you. With RPC you know you have: experience, knowledge, and master negotiators, looking after your best interest. Shoot Ribbon an email on info@ribbonproperty.com.au & use promo code: DFA-WTW/MARTIN to receive your 10% DISCOUNT OFFER.
