Financial Aggregates July 2001

Credit provided to the private sector by financial intermediaries was unchanged in July, in seasonally adjusted terms, following a rise of 0.6 per cent in June. Total credit rose by 8.8 per cent over the year to July.

M3 rose by 0.1 per cent in July and broad money rose by 0.2 per cent, in seasonally adjusted terms. Over the year to July, M3 rose by 6.6 per cent and broad money rose by 5.6 per cent.

The annual re-estimation of seasonal factors by the ABS has been completed, and the new factors are used.  As discussed in the July 2000 Financial Aggregates Media Release, the change to end-month rather than month‑average reporting has increased the volatility of monthly data, leading to a more pronounced seasonal pattern. Consequently, previously published growth rates for all components of the financial aggregates have been revised from July 2000.

Growth rates are reported after adjusting for the effects of the breaks in series recorded in the footnotes to tables. Figures showing the levels of financial aggregates are not adjusted for series breaks.

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