Australian housing finance data for March
Home loans +1.6% m/m
- expected +1.0%, prior was +1.1%, revised from+1.2%
Investment lending +6.4% m/m .... big beat!
- prior was -3.3%, revised from -3.4%
Owner-occupied loan value +1.6% m/m
- prior was +0.6%, revised from +0.5%
The 'investment lending' figure is being closely watched ... the RBA is concerned for investors overextending themselves in the property market and hence creating economic instabilities should the housing market turn lower. The RBA have indicated they'd like to use macroprudential tools rather than the 'blunt instrument' of interest rate rises ... but nevertheless this jump in the figure today is an AUD positive input. Investment flows for the AUD, though, could well be on hold for today until budget release time later tonight.
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Also, out simultaneously ...
March credit card purchases prior $A 25.6bn
- prior $A22.1bn
And balances prior $A 51.5bn
- prior $A51.1bn
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Later in the evening (local time) we get the Budget