Investor credit growth at decade high
Credit growth was a very respectable 7.2 per cent over the year to July, driven largely by 10 per cent business credit growth.
Housing credit growth was 6 per cent over the year, which was the highest level since early 2023.
Notably housing credit growth is now being driven by investors, with credit growth for this cohort at a decade high 6.6 per cent.
That said, housing credit growth has not accelerated in 2025 calendar year to date, and appears commensurate with modest housing price growth of around 5 per cent.
Total housing credit was $2.45 trillion, versus a total housing stock value of around $11½ trillion.
Westpac lower its fixed mortgage rates today, likely signalling a fresh round of competition in the fixed rate space.
Source: Westpac
Looking ahead, lower interest rates and Labor's 5 per cent deposit scheme will likely see prices moving in the first homebuyer sectors of the housing market.
GDP preview: Stalling recovery
Next week sees the release of Australia June quarter National Accounts, with a median market forecast of just 0.5 per cent growth for GDP - following on from just 0.2 per cent growth in the March quarter - which would see annual growth slumping to under 1½ per cent.
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