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Australia Private Sector Credit Growth Rises In July

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Australia Private Sector Credit Growth Rises In July

Australia’s private sector credit growth rose marginally in July, figures from the Reserve Bank of Australia showed on Friday.

Private sector credit grew 0.2 percent month-on-month in July, following a 0.1 percent increase in June and in line with economists’ forecast.

On a yearly basis, growth in private sector credit eased to 3.1 percent in July from 4.4 percent in the same month previous year. Economists had forecast the rate to rise 3.2 percent.

Data showed that broad money supply gained 0.4 percent on month and grew 4.2 percent annually in July.

Separate data from the Australian Bureau of Statistics showed that the number of buildings approved fell a seasonally adjusted 9.7 percent in July, while economists had expected it to remain unchanged.

On an annual basis, building approvals declined 28.5 percent in July, that was higher than economists’ expectations of 22.2 percent fall.

The material has been provided by InstaForex Company – www.instaforex.com