2010.08.3023:31:00UTC+00Australia Private Sector Lending Inches Up

Total credit provided to Australia's private sector by financial intermediaries rose by a seasonally adjusted 0.1% in July compared to June, the Reserve Bank of Australia said on Tuesday.

This comes after a 0.2% increase in June. Economists had forecast a 0.3% rise. On a yearly basis, private sector credit rose 2.8%.

Housing credit increased by 0.5% month-on-month in July following a 0.4% rise in June. Year-over-year, housing credit was up 8.1%. Lending to both owner-occupiers and investors increased during the month.

At the same time, other personal credit was flat, following a 0.3% decrease over the previous month. On a yearly basis, other personal credit was up 3.2%.

Business credit fell by 0.4%, following a 0.1% decline in June. On a yearly basis, business credit slipped 5%.

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