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Personal finance commitments fell in October as uncertain economic conditions and weak consumer sentiment saw Australians reign in excess spending.
According to ABS data released yesterday, personal loan commitments dropped 2.1 per cent to $6.255 billion, seasonally adjusted.
This was nine per cent lower than the $6.859 billion recorded in October 2007.
Commercial finance also slowed in October: commitments dropped by three per cent month on month to $32.032 billion, and by just under 25 per cent compared to October 2007.
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