Australia private credit falls 0.2 pct in Sept

Published: 29 Oct 2009 19:42:20 PST

SYDNEY, Oct 30 - Australian private sector credit and changes in financial aggregates for September, released by the Reserve Bank of Australia on Friday.

Figures are seasonally adjusted in percentage terms.

Sep Aug Sep '09/Sep'08 Total credit -0.2 +0.2 +1.7

Housing +0.7 +0.8 +7.7

Other personal use -0.2 +0.4 -5.6

Business -1.3 -0.7 -4.6

Median forecasts had been for a slight 0.2 percent rise in credit in September. Credit growth had slowed sharply in the past year, hitting its lowest since 1994, as the global credit squeeze and crumbling household wealth led consumers and businesses to cut back on borrowing.

In recent months there has been signs of stabilisation in mortgage credit, helped by rates at 50-year lows and government grants to first-home buyers.