I posted a quick preview of this earlier if you’d like background:
Headline home loans -0.1% m/m for a negative but nevertheless better than expected result
- expected -1.0%
- prior -1.1%
More, via Australian Bureau of Statistics:
- In seasonally adjusted terms, lending commitments to households fell 1.3% in May 2019, following a 0.6% rise in April.
- The fall in lending to households was driven by owner occupier dwellings excluding refinancing (down 2.7%) and investment dwellings excluding refinancing (down 1.7%).
- In trend terms, lending commitments for owner occupier dwellings excluding refinancing fell 0.5% and investment dwellings excluding refinancing fell 1.4% in May 2019.
- In trend terms, the value of lending commitments to businesses rose 3.6% in May and is up 13.7% from May 2018.
This release is viewed as a bit of a placeholder (whether that is justified remains to be seen) as positive impacts from the May election, RBA rate cuts, government tax cuts, and an easing back of lending restrictions are awaited.