The value of national personal financing fell by 7.8 per cent to $12.581 billion from April to May, ABS data revealed today.
The result indicated that high interest rates and other price pressures had decreased consumers’ propensity to borrow.
As reported last week, finance for owner-occupied home loans also fell in May by 5.7 per cent to $6.262 billion.
Leasing finance suffered a decline of 7.1 per cent in May while commercial lending managed an increase of 3.2 per cent.
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