Lending slump supports rate cut call

FIGURES showing falls in loans taken out by individuals and businesses provides support for the interest rate cut by the central bank earlier this month.

The value of lending and finance lease commitments fell by 6.2 per cent in September, figures from the Australian Bureau of Statistics (ABS) showed.

Within that, the numbers confirmed a small rise of 0.6 per cent in secured owner-occupier home loan commitments, already apparent from data released last week.

On the other hand, non-housing personal finance approvals fell by 2.5 per cent, reversing a similar-sized rise in August, while commercial finance commitments, including for finance leases, dropped by 9.9 per cent.

Investor housing loans make up about a quarter of commercial finance and the figures last week showed that component was up by two per cent in September.


Topics:  australian bureau of statistics rate cut reserve bank of australia

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