12.05.201922:59:00UTC+00Australia's Home Loans Decline In March

Australia's lending to households declined in March, data from the Australian Bureau of Statistics showed Monday.

The number of loans to owner occupied dwellings decreased by a seasonally adjusted 2.8 percent from the previous month. Economists had forecast a 0.5 percent drop. On a yearly basis, loans plunged 13.8 percent in March.

Further, data showed that the value of new lending commitments to households fell 3.7 percent, reversing a 2.2 percent rise in February.

"All components of new lending to households were weaker in March, more than offsetting a bounce in lending activity seen in February," ABS Chief Economist, Bruce Hockman, said.

Total lending to households and businesses showed a monthly fall of 2.6 percent taking the annual decrease to 10.5 percent.