Financial Aggregates April 2005

Total credit provided to the private sector by financial intermediaries rose by 0.9 per cent in April, following a (revised) rise of 0.7 per cent in March. Over the year to April, total credit rose by 12.0 per cent.

In the month of April, M3 grew by 0.9 per cent while broad money increased by 1.2 per cent. Over the year to April, broad money rose by 9.8 per cent.

As usual, historical levels and growth rates for the financial aggregates have been revised owing to the resubmission of data by some financial intermediaries. In addition, further revisions have resulted from the receipt of quarterly input data from the ABS, particularly for the stock of securitised housing and personal loans, which replace initial estimates based on more limited information. Such revisions have occurred on a quarterly basis since the credit data were broadened in mid 2004 to better account for securitised loans. In this instance, this has resulted in downward revisions of around 0.2 percentage points to the growth rates of housing and personal credit in the first three months of this year, and smaller revisions to growth in total credit.

All growth rates for the financial aggregates are seasonally adjusted, and adjusted for the effects of breaks in the series as recorded in the footnotes to tables. Figures showing the levels of financial aggregates are not adjusted for series breaks.

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