Financial AggregatesNovember 2015

Financial Aggregates
Percentage change
Monthly Year-ended
Oct 2015 Nov 2015 Nov 2014 Nov 2015
Total credit 0.7 0.4   5.8 6.6
– Housing 0.6 0.6   7.0 7.5
– Personal -0.2 -0.1   1.1 0.0
– Business 1.1 0.0   4.6 6.2
M3 0.4 0.7   7.3 6.7
Broad money 0.5 0.7   7.2 6.8

Sources: ABS; APRA; RBA

All growth rates for the financial aggregates are seasonally adjusted, and adjusted for the effects of breaks in the series as recorded in the notes to the tables listed below. Data for 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. The RBA credit aggregates measure credit provided by financial institutions operating domestically. They do not capture cross-border or non-intermediated lending.

Following the introduction of an interest rate differential between housing loans to investors and owner-occupiers in mid-2015, a number of borrowers have changed the purpose of their existing loan; the net value of switching of loan purpose from investor to owner-occupier is estimated to have been $32.5 billion over the period of July 2015 to November 2015 of which $1.9 billion occurred in November. These changes are reflected in the level of owner-occupier and investor credit outstanding. However, growth rates for these series have been adjusted to remove the effect of loan purpose changes.