Private sector credit in Australia unexpectedly declined by 0.1 percent month-over-month in May 2020, after showing no growth in the previous month and missing market expectations of a 0.2 percent growth. This marked the first monthly drop in private credit since July last year, amid ongoing COVID-19 crisis that led to business shutdowns. There were decreases in credit for both personal (-1.2 percent vs -3.2 percent in April) and business (-0.6 percent vs 0.2 percent). Meantime, housing credit was unchanged (at 0.2 percent). Through the year to May, private sector credit grew by 3.2 percent.
Private Sector Credit in Australia averaged 0.85 percent from 1976 until 2020, reaching an all time high of 3 percent in July of 1986 and a record low of -0.50 percent in July of 2019. This page provides the latest reported value for - Australia Private Sector Credit - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Australia Private Sector Credit - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020. source: Reserve Bank of Australia
Private Sector Credit in Australia is expected to be 0.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Private Sector Credit in Australia to stand at 0.40 in 12 months time. In the long-term, the Australia Private Sector Credit is projected to trend around 0.60 percent in 2021 and 0.50 percent in 2022, according to our econometric models.