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Australia Private Sector Credit Rises More Than Expected

Credit extended to Australia's private sector rose more than forecast by economists in February, data released by the Reserve Bank of Australia showed Friday.

Credit provided by the country's financial intermediaries increased 0.4 percent month-on-month in February, faster than the 0.3 percent rise expected by economists. This followed a 0.2 percent increase in January.

Annually, total credit grew 3.5 percent. Compared to January, housing credit rose 0.4 percent in February. Other personal credit and business credit rose 0.3 percent and 0.4 percent respectively.

On a monthly basis, M3 money supply increased 0.3 percent and broad money also rose 0.3 percent. Over the year to February, broad money grew 7.2 percent.

by RTTNews Staff Writer

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