Bloomberg News

Australia August Private Credit Rises 0.2% From Prior Month

September 29, 2011

Sept. 30 (Bloomberg) -- Loans provided by Australian banks and finance companies increased 0.2 percent in August from the previous month, the Reserve Bank of Australia said today.

The median estimate of 13 economists surveyed by Bloomberg News was for a 0.2 percent advance. Lending gained 3 percent from a year earlier, the central bank said.

Loans to consumers to buy houses rose 0.4 percent from July and advanced 5.8 percent from a year earlier, according to today’s statement. Credit provided to consumers for purchases other than housing fell 0.9 percent last month for an annual drop of 0.9 percent.

Lending to companies was unchanged from July and declined 0.9 percent from a year earlier, the report showed.

--Editors: Brendan Murray, Victoria Batchelor

To contact the reporter on this story: Michael Heath in Sydney at mheath1@bloomberg.net

To contact the editor responsible for this story: Stephanie Phang at sphang@bloomberg.net


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