Australia's Private Sector Credit Growth Quickens In June


Australia's private sector credit increased at a slightly faster pace in the month of June, a report from the Reserve Bank of Australia showed Wednesday.

Total credit provided by banks to the private sector increased 0.4 percent sequentially in June, after recording a 0.3 percent gain in May.

Credit provided to the housing market moved up 0.4 percent month-on-month, and other personal credit grew by 0.2 percent. There was a 0.5 percent monthly growth in business credit during the month..

On an annual basis, total credit increased 3.1 percent in June, a tad faster than the 3 percent growth seen in the previous month.

The report further noted that Australia's broad money supply increased 0.4 percent on a monthly basis in June, as it did in the previous month. The intermediate, or M3, money supply also logged a 0.4 percent sequential increase during the month.

News are provided by InstaForex.