Australia Private Sector Credit up 0.3%

Australia Private Sector Credit up 0.3%

"It's not just about interest rate levels. In our view, moderate credit growth indicates that consumers and businesses remain cautious about increasing leverage because of uncertainty over job security and profitability" - Michael Workman, Commonwealth Bank senior economist

Australia's credit growth was moderate in November, as consumers and businesses are still cautious to take on more debt. The amount of private sector credit issued by banks and other institutions inched up 0.3%, after increasing by the same amount a month earlier, according to the Reserve Bank of Australia data. The gauge came in below economists expectations for a rise of 0.4%