Australian housing credit climbs 0.6% in August

[SYDNEY] Australian housing credit expanded at its fastest annual pace in August since early 2018 as buyers borrowed ever more to get into the red-hot market, data showed on Thursday.

Figures from the Reserve Bank of Australia (RBA) showed outstanding home loans rose 0.6 per cent in August, from July, lifting annual growth to 6.2 per cent. Total credit outstanding also rose 0.6 per cent in August, to be 4.7 per cent higher on a year prior.

The outstanding stock of business credit gained another 0.6 per cent after a couple of strong months, lifting annual growth to 3.4 per cent.

REUTERS