Real estate loans continued to grow in August but slipped personal loans as rising interest rates took their toll, data from the Reserve Bank show.
Housing loans increased by 0.6 percent in August, representing 0.6 percent growth in July, the RBA said today.
"Households are under pressure to make payments of interest mainly because interest rates tend to move in the territory of the fall of next year when the economy heats up," said economist Matthew S circostanza Moody's Analytics.
Consumer credit fell by 0.2 percent per month, after the apartment in July, while loans to enterprises fell by 0.6 percent in August after a decline of 0.2 percent in July.
Mr. circostanza said the slowdown in credit to the private sector, the overall mean RBA rate hike before has an affinity with the economy.
Total credit to the private sector banks, credit unions and lenders grew by 0.1 percent in August, and a corresponding 0.1 percent in July, but below the expected growth of 0.3 percent.
"We really saw a decline in credit to the private sector, S RBA tightening has actually done their job," says circostanza.
"These data add not if the rates should be raised next month."
The market currently expects that the RBA to raise rates to 4.75 percent next week from the current level of 4.5 percent as it tries to head inflation pressures before they affect the growth of Australia. "
total household debt in Australia hit its highest point in the $ 1260000000000 July RBA data. Australia, however, benefit from a strong labor market, which allows users to manage debt, analysts said.
"Despite high growth in employment and income should support households' balance sheets and maintain manageable debt levels," said circostanza.
Australia has low unemployment and strong demand for our resources in Asia. The unemployment rate of 5.1 percent, significantly lower than in Britain and the United States, whose economy continues to fight the financial crisis.
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