Told you it was a big week for data. The Reserve Bank's Financial Aggregates show reasonable credit growth for businesses at 2.4% y/y and 5.8% y/y for housing.
That's the strongest result for housing credit in more than three years.
I didn't bother to blog it last week since I'm not a huge fan, but here is the HIA-Commonwealth Bank housing affordability index, which is essentially at its best level in a decade. Naturally that level will begin to slide if interest rates do revert upwards again.