Financial Aggregates January 2018

All growth rates for the financial aggregates are seasonally adjusted, and adjusted for the effects of breaks in the series as recorded in the notes to the tables listed below. Data for the levels of financial aggregates are not adjusted for series breaks. Historical levels and growth rates for the financial aggregates have been revised owing to the resubmission of data by some financial intermediaries, the re-estimation of seasonal factors and the incorporation of securitisation data. The RBA credit aggregates measure credit provided by financial institutions operating domestically. They do not capture cross-border or non-intermediated lending.

Following the introduction of an interest rate differential between housing loans to investors and owner-occupiers in mid-2015, a number of borrowers changed the purpose of their existing loan. Adjustments for these switching flows have been applied to the growth figures over the period from mid to late 2015 when this switching was unusually large, but not thereafter, as the amount of switching each month subsequently decreased and remained relatively stable (and thus appears to reflect regular behaviour that occurs from month to month). All switching flows are reflected in the level of owner-occupier and investor credit outstanding. For more information, including on past treatment of switching flows, please see February 2018 SMP – Box D: Measures of Investor and Owner-Occupier Housing Credit.