Bloomberg News

Australia Private Credit Advanced in February on Business Loans

March 29, 2012

Loans provided by Australian banks and finance companies increased 0.4 percent in February from the previous month, the nation’s Reserve Bank said today.

The median estimate of 12 economists surveyed by Bloomberg News was for a 0.3 percent monthly advance. Total lending gained 3.5 percent from a year earlier, the central bank said, more than the median forecast for a 3.3 percent annual increase.

Loans to consumers to buy houses advanced 0.4 percent from January and 5.3 percent from a year earlier, according to today’s statement. Credit provided to consumers for purchases other than housing increased 0.3 percent last month for an annual drop of 1.1 percent.

Lending to companies rose 0.4 percent from January and gained 1.2 percent from a year earlier, the report showed.

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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