Financial Aggregates July 2004

This release introduces some further changes to the measurement of the credit aggregates, as foreshadowed in an explanatory note that accompanied the May 2004 release. In particular, the measures of business and personal credit have been broadened to better reflect securitised loans. In addition, the data reflect minor revisions to the level of securitised housing loans. The net impact of these changes on the level and growth rate of total credit is relatively small. The annual re-estimation of seasonal factors by the ABS has also been undertaken, and the new seasonal factors have been incorporated in the figures published in this release.

These changes have led to revisions to the historical levels and growth rates of the financial aggregates. Further details are shown in the attached tables and historical data are available on request from the Media Office.

Based on these figures, total credit provided to the private sector by financial intermediaries (including securitised loans) rose by 0.9 per cent in July 2004, following a rise of 1.0 per cent in June. Over the year to July, total credit rose by 14.3 per cent. Housing credit grew by 1.2 per cent in July and by 19.3 per cent over the year, other personal credit grew by 0.7 per cent in the month and by 13.4 per cent over the year, and business credit grew by 0.4 per cent in the month and by 7.9 per cent over the year.

M3 increased by 0.9 per cent and broad money rose by 0.5 per cent in July. Over the year to July, M3 increased by 12.0 per cent and broad money rose by 10.9 per cent.


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