Higher interest rates are slowing Australians’ demand for debt, RBA credit aggregates for February have revealed.
Total credit provided to the private sector by financial intermediaries rose by 0.7 per cent over February 2008, down on January’s 1.0 per cent rise.
Business credit, rising by just 0.5 per cent, was the weakest rise since August 2006. Housing credit remained steady however, rising by 0.9 per cent – as it has done for several months.
Personal credit fell over the month by 0.1 per cent, a second consecutive fall, signalling that interest rate pressures are causing households to become more cautious with taking on extra debt.
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