Australia - Private Sector Credit for June

0.2% m/m

  • expected 0.5%, prior 0.4%

6.2% y/y

  • expected 6.5%, prior 6.5% for the y/y

More:

  • Housing credit for June +0.5% m/m (prior 0.5%) and +6.7% y/y (prior 7.3%)
  • Personal credit -0.1% m/m (-0.1% prior) and -0.8% m/m (+0.9% prior)
  • Business credit -0.2% m/m (prior +0.2%) and +6.6% y/y (prior +4.4%)

Eyes are on business credit as a proxy for investment (while the mining investment boom winds down the RBA would like to see growth in business investment elsewhere), which shows a slight dip on the month. One month's figures like this will not ring alarm bells. Especially as June was the lead up to the Australian election and some caution will have built in.

Also:

PPI for Q2

0.1% q/q

  • prior -0.2%

1.0% y/y

  • prior +1.2% y/y

more to come