Financial Aggregates June 2007

Total credit provided to the private sector by financial intermediaries rose by 1.8 per cent over June 2007, following a rise of 1.3 per cent over May.  Over the year to June, total credit rose by 15.4 per cent.

The household component of credit rose by 1.8 per cent over the month, which was significantly higher than in preceding months. This outcome appears to have been boosted by households borrowing to fund superannuation contributions ahead of rule changes at the end of June.

Over the month of June, M3 grew by 2.4 per cent and broad money by 2.3 per cent. Over the year to June, broad money rose by 14.1 per cent.

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.

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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