Latest News Stream - Private Sector Credit

Australia’s private sector credit rose by 0.6% month-over-month in September 2026, slightly exceeding market expectations for a 0.5% increase but matching the pace recorded in the previous two months. Housing credit growth remained steady at 0.4%, while business credit held at 0.9%, indicating stable borrowing activity across both segments. Meanwhile, other personal credit growth slowed to 0.3% from 0.7% in August, pointing to weaker momentum in household borrowing outside housing. On an annual basis, private sector credit growth held steady at 8.4%, unchanged from August, suggesting overall credit expansion remained firm.

Australia’s private sector credit rose by 0.6% month-over-month in August 2026, slightly above market expectations for a 0.5% gain but the same pace as in the previous month. Housing credit, representing 62% of total private credit, increased by 0.4%, marking the softest rise since January 2025 and slowing from a 0.5% gain in July amid slower growth in investor credit (0.3% vs 0.4%), while owner-occupier credit held steady at 0.5%. Additionally, business credit, which accounts for 34% of total private credit, grew by 0.9%, the weakest growth in four months and easing from a 1% increase in July. Meanwhile, other personal credit, making up the remaining 4%, rose faster at 0.7%, following a 0.5% rise in the prior month. On an annual basis, private sector credit rose by 8.4%, matching the increase recorded in July. Annual growth in housing credit slowed to 7.3% from 7.5%, while business (10.9% vs 10.6%) and other personal credit (5.1% vs 4.8%) rose at faster pace.

Australia’s private sector credit rose by 0.6% month-over-month in July 2026, marking the softest growth since February and slowing from a six-month high of 0.8% in the previous month. Housing credit, representing 62% of total private credit, increased by 0.5%, the softest rise in a year and easing from a 0.6% rise in June amid slower growth in investor credit (0.5% vs 0.8%), while owner-occupier credit held steady at 0.5%. Additionally, business credit, which accounts for 34% of total private credit, grew by 0.9%, down from 1.1% in June, while other personal credit, making up the remaining 4%, increased by 0.3%, slowing from 0.9%. On an annual basis, private sector credit grew by 8.4%, easing from an 8.6% gain in the preceding period, which was the strongest yearly expansion since October 2022. Annual growth in housing credit edged down to 7.4% from 7.5%, while business credit growth eased to 10.6% from 11% and other personal credit growth remained unchanged at 4.7%.

Australia's private sector credit rose 0.8% month-over-month in June 2026, quickening slightly from 0.7% growth recorded in each of the previous three months and marking the fastest expansion since December. Business credit increased 1.1%, the strongest gain in six months, up from 1.0% in May, supported by continued corporate borrowing and investment activity. Personal credit rose 0.8%, accelerating from 0.6% and posting its strongest monthly increase since December 2009, suggesting firmer household demand for consumer and other personal loans. Meanwhile, housing credit held steady at 0.6% for a sixth consecutive month, indicating resilient mortgage lending despite still-elevated borrowing costs. On an annual basis, private sector credit grew 8.5%, up from 8.3% in May and marking the strongest yearly expansion since October 2022, reflecting sustained demand for credit across households and businesses.

Australia’s private sector credit rose by 0.7% month-over-month in May 2026, matching the growth recorded in both March and April and slightly exceeding market expectations of a 0.6% rise. Housing credit, which accounts for 62% of total private credit, increased by 0.5%, easing from a 0.6% gain in the previous month amid slower growth in both owner-occupier credit (0.4% vs 0.5% in April) and investor credit (0.8% vs 0.9%). Meanwhile, business credit, representing 34% of the total, increased by 1.0%, following a 0.7% rise in April, while other personal credit, accounting for the remaining 4%, advanced by 0.6% after a 0.2% increase. Yearly, private sector credit grew by 8.2%, the largest increase since November 2022, following an 8.0% rise in April. Annual growth in housing credit remained steady at 7.5%, while that of business credit (9.9% vs 9.6%) and other personal credit (4.4% vs 4.3%) picked up. The continued expansion in credit came despite tighter monetary policy from the RBA.

Australia’s private sector credit growth remained flat at 0.7% month-over-month in April 2026, according to a delayed report from the Reserve Bank of Australia. The figure slightly beat market forecasts of 0.6%. Annually, growth dipped marginally to 8.0% from 8.1%, yet continued to signal resilience in private credit despite higher interest rates and economic uncertainty. Housing credit, representing 62% of total credit, grew by 0.6%. Investor credit led the way, rising 0.9% and pushing annual growth to 10.2%, the first double-digit increase since 2015. Owner-occupier credit growth stayed steady at 0.5% month-over-month and 6.2% year-over-year. Business credit, accounting for 34% of private credit, increased by 0.7%, while other personal credit, making up 4%, rose by just 0.1%, marking the second-weakest performance since late 2024. Looking forward, credit growth is expected to slow due to higher energy prices, rising inflation, and tighter monetary policy from the RBA.

Australia’s private sector credit increased by 0.7% month-on-month in March 2026, coming in slightly above market expectations and February’s 0.6% rise. This pointed to a gradual improvement in lending activity, with personal credit rising further (0.6% vs 0.4% in February), while growth in housing and business credit remained steady at 0.6% and 0.8%, respectively. On a yearly basis, private sector credit rose by 8.1% in March, the largest increase since November 2022, following a 7.8% growth in the previous month. The increase came despite still-elevated borrowing costs, as the Reserve Bank of Australia lifted its cash rate by 25 basis points to 4.1% in March, following a similar hike in February.

Australia’s private sector credit rose by 0.6% month-on-month in February 2026, slightly picking up from a ten-month low of 0.5% gain in the previous month and in line with market expectations. The uptick highlights improved lending activity across key segments of the economy, particularly in personal credit (0.4% vs 0.2% in January) and business credit (0.8% vs 0.5%). In contrast, housing credit remained steady at 0.6%. The modest acceleration came despite still-elevated borrowing costs, with the Reserve Bank of Australia raising its cash rate by 25 basis points to 4.1% at its March 2026 meeting, following a hike in February. On a yearly basis, private sector credit marginally increased to 7.8% from 7.7% in January 2026.

South Africa’s private sector credit increased by 8.83% year-on-year in January 2026, after an 8.74% rise in the previous month. This was the highest growth since October 2022. Meanwhile, the broadly defined M3 measure of money supply rose by 7.44% to ZAR 5,859,771 million in January 2026, following an 8.16% increase in December.

Australia’s private sector credit rose 0.5% month-on-month in January 2026, missing market expectations of 0.7% and slowing from 0.8% gain in the previous month. It marked the softest increase since last March, as credit growth eased across most components, including housing (0.6% vs 0.7% in December), business (0.5% vs 1.0%), and personal credit (0.2% vs 0.5%). The moderation likely reflected still-elevated borrowing costs and cautious lending conditions, which continued to weigh on loan demand from households and firms. On an annual basis, private credit expanded 7.7%, holding steady for a second straight month and remaining at the fastest pace in five years.

South Africa’s private sector credit advanced 8.74% year-on-year in December 2025, following a 7.79% rise in the previous month, and marking the fastest pace of growth since October 2022. Meanwhile, the broadly defined M3 measure of money supply rose 8.16% to a fresh record high of ZAR 5,882,466 million in December 2025 from 8.26% increase in the previous month.

Australia’s private sector credit rose 0.8% month-on-month in December 2025, exceeding market expectations of 0.6% and accelerating from a 0.6% growth in the previous month. The latest figure marked the highest increase since June 2022, as credit growth quickened for both housing (0.7% vs 0.6% in November) and business (1.0% vs 0.9%). At the same time, personal credit rebounded strongly (0.5% vs -0.6%). On an annual basis, private credit expanded 7.7%, up from 7.4% in the preceding two months and marking the fastest pace in five years, underscoring sustained demand for credit despite a still-restrictive interest-rate environment.

South Africa’s private sector credit expanded by 7.79% year-on-year in November 2025, after a 7.26% rise in the previous month. This was the highest growth since February 2023. Meanwhile, the broadly defined M3 measure of money supply rose by 8.26% to a fresh record high of ZAR 5,845,499 million, following a 7.52% increase in October.

Australia’s private sector credit rose 0.6% month-on-month in November 2025, surpassing market expectations of a 0.2% growth but easing from a 0.7% increase in the previous month. Credit growth moderated for business lending (0.7% vs 0.8% in October), while housing remained steady at 0.6%, and personal credit fell 0.5% after edging up 0.1% in October. On an annual basis, private credit increased by 7.4%, accelerating slightly from a 7.3% gain in the prior month, marking the fastest expansion since January 2023.

South Africa’s private sector credit rose by 7.26% year-on-year in October 2025, following a 6.03% increase in the previous month. This was the highest growth since February 2023. Meanwhile, the broadly defined M3 measure of money supply increased by 7.52% to a new all-time high of ZAR 5,783,956 million, following a 6.07% rise in September.

Australia’s private sector credit grew 0.7% month-on-month in October 2025, surpassing both the previous month and market expectations of a 0.6% rise. Credit growth accelerated for business lending (0.8% vs 0.5% in September), remained steady for housing (at 0.6%), and eased for personal loans (0.2% vs 0.5%). On an annual basis, private credit grew by 7.3%, accelerating slightly from a downwardly revised 7.2% in the prior month, marking the fastest expansion since January 2023.

Australia’s private sector credit rose 0.6% month-on-month in September 2025, matching the pace of the previous month but exceeding market expectations of a 0.5% increase. Credit growth was steady for housing (at 0.6%) and personal loans (at 0.5%) but eased for business lending (0.4% vs 0.6% in August). On an annual basis, private credit grew 7.3%, following a 7.2% increase in August and marking the fastest expansion since January 2023.

South Africa’s private sector credit inched up by 5.86% year-on-year in August, following a 5.84% increase in the previous month. Meanwhile, expansion in the broadly defined M3 measure of money supply rose 6.18% year-on-year to an all-time high of ZAR 5,624,450 million in August, slowing from a 6.75% in the preceding period.

Australia’s private sector credit increased by 0.6% month-on-month in August 2025, matching market expectations but slightly easing from a 0.7% gain in the previous month. The slowdown was mainly driven by a deceleration in business loans, which rose by 0.6% following a 1.3% growth in July. Meanwhile, personal loans edged up to 0.5% in August from 0.4% in the previous month, and housing loans ticked higher to 0.6% from 0.5%. On a yearly basis, private credit stood at 7.2% in August 2025, unchanged from the previous month and remaining at the strongest pace since February 2023.

South Africa’s private sector credit rose by 5.84% year-on-year in July 2025, following a 4.98% rise in the previous two months. Meanwhile, expansion in the broadly defined M3 measure of money supply rose 6.75% year-on-year to an all-time high of ZAR 5,619,278 million in July, slowing from a 7.27% gain in the preceding period.