Investor credit growth approaches decade highs

Credit impulse lifts

Business credit growth was again stronger than expected in October at 0.8 per cent - another signal that the economy may be picking up a little more pace. 

Credit growth in the private sector was a bit stronger than expected at 0.67 per cent in October, and 7.3 per cent over the year. 

Housing credit growth was 0.64 per cent - the strongest since 2022 - to be 6.5 per cent over the year.

There was another clue here as to why APRA is taking a keen interest in lending standards, with investor credit growth at 0.88 per cent in October, for the strongest result in a decade.

The housing credit impulse turned high in June 2025 and has been rising since. 

Overall, solid numbers for business credit ahead of a solid result expected to be reported for GDP in the third quarter suggests that the economy has found a firmer footing. 

Housing credit growth began to pick up some speed in the third quarter of calendar year 2025, though this also appears to reflect more new housing construction getting underway. 

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