Private Sector Credit data from the Reserve Bank of Australia for November

Private Sector Credit +0.4% m/m,

  • expected +0.6%, prior +0.7%

Private Sector Credit +6.6% y/y,

  • expected 6.8%, prior 6.7%

Credit to housing,

  • +0.6% m/m (prior +0.6% also)
  • and +7.5% y/y (prior +6.7% y/y)

Credit to business,

  • flat m/m (0% change m/m) (prior +1.1%)
  • +6.2% y/y (prior +6.6% y/y)

The flat m/m change for business lending is a small concern (its only one month's figure, if it continues slow it will be a concern) as the RBA is wanting to see non-mining capex/investment pick up to offset mining-related capex/investment declines.

AUD not showing too much concern, its little changed on the release.