Commercial loans were the most poorly performing sector in terms of financing commitments for November. While the trend series increased, overall, by 1.1 per cent, with a growth of 2.8 per cent for revolving commercial credit, and .4 per cent for fixed loans, the seasonally adjusted numbers tell a different tale. There was a fall of 7.2 per cent for seasonally adjusted commercial loans in November ? important enough, especially after the 4.5 per cent increase posted in October. While revolving loans picked up by 2.4 per cent in November, following the .2 per cent decrease in October, the game changer came from the department of fixed loans. They lost 10.8 per cent in November, down to $29.427 billion, from the $31.717 billion recorded the previous month. What?s more, fixed loans had seen an encouraging increase of 6.3 per cent in October.
Loans for owner occupiers also increased. The housing loans taken into consideration by the ABS exclude funding taken out for home improvement, such as alterations and additions. In terms of trends, a .4 per cent increase was recorded in November, while the seasonally adjusted figure grew by .6 per cent ? from $13.861 billion, to $13.940 billion.
From the point of view of the consumer, all loans are assumed to have benefited from the latest RBA rate cut, which seriously drove down interest rates, as from a random sampling we took at http://www.bankwest.com.au/personal/personal-loans/personal-loans-overview. In spite of the fluctuations on the lending market, several positive indicators at consumer level, in Australian economy, speak of a more optimistic outlook for 2013. For one thing, the Westpac/Melbourne Research Institute Consumer Sentiment Index finally surpassed the 100.0 mark. The increase is a mild .6 per cent for the time being, but this is not to be casually dismissed, given the fact that consumer sentiment spent most of 2012 in the red. Figures below 100.0 point to more pessimists than optimists; and while it cannot be said that financial optimism now reigns supreme, since most people actually expect to be less financially well off in 2013, there are definitely signs of improvement on the horizon. According to one economist, this potential paradox also relates to the RBA?s December official cash rate cut, which made those with savings accounts realize they would not be as financially secure this year as they had initially thought.
The consumer price index, a marker for inflation, and one of the most significant indices used by analysts to appraise the state of the country?s economy, also seems to be sitting within safe bounds. On the year ending in December 2012, Australia?s CPI only grew by 2.2 per cent; in Q4 of last year it posted a slight increase of .2 per cent. On the one hand, this points to a strong Australian dollar, a fact also confirmed by price drops on imported goods such as pharmaceuticals and fresh produce. On the other, however, it leaves the matter of another RBA rate cut in February up in the air until further notice.
Source: http://www.onmoneymaking.com/personal-loans-in-australia-picked-up-in-november-2012.html
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