Financial Aggregates March 2009

Total credit provided to the private sector by financial intermediaries rose by 0.1 per cent over March 2009, following a flat outcome over February. Over the year to March, total credit rose by 4.9 per cent.

Housing credit increased by 0.6 per cent over March, following an increase of 0.6 per cent over February. Over the year to March, housing credit rose by 7.2 per cent. The rise in housing credit over March was mostly due to growth in lending to owner-occupiers, while lending to investors rose more moderately.

Other personal credit fell by 0.3 per cent over March, following a decline of 0.8 per cent over February. Over the year to March, other personal credit fell by 6.2 per cent, reflecting a large decline in margin lending.

Business credit fell by 0.6 per cent over March 2009, following a decline of 0.5 per cent over February. The decline in business credit over March largely reflected a fall in foreign currency denominated lending. Over the year to March, business credit rose by 4.1 per cent.

Over the month of March, M3 increased by 0.2 per cent and broad money grew by 0.6 per cent. Over the year to March, broad money grew by 10.9 per cent.

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. 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.

Enquiries

Media Office
Information Department
Reserve Bank of Australia
SYDNEY

Phone: +61 2 9551 8111
Fax: +61 2 9551 8033
E-mail: rbainfo@rba.gov.au