Australia housing finance for May from the Australian Bureau of Statistics
Home loans +1.0% m/m
- expected +1.5%, prior was -1.9%
Investment lending -1.4% % m/m
- prior was -2.5%, revised from -2.3%
Owner-occupied loan value +2.9% m/m
- prior -0.9%, revised from -1.1%
New measures to make borrowing for housing investment more expensive/less available have impacted again this month. Owner occupied up, investment down.
As I said in the preview earlier, The RBA is concerned about high levels of mortgage debt as a threat to both financial stability at household spending (and thus the level of economic activity).
Any joy for them in these results? Hmmm, given the ongoing rise in house prices & the ongoing growth in loan size any satisfaction at the Bank will be fleeting indeed.
Out at the same time: Australia - National Australia Bank business conditions 15 (prior 12) & confidence 9 (prior 7)
