Total personal finance commitments fell 0.7 per cent in July $6.833 billion, down from $6.882 billion in June, according to data released by the Australian Bureau of Statistics. This is for stuff like personal loans, personal credit cards and store finance. No doubt we'll soon hear from Gerry Harvey about the need for further government stimulous if this trend is maintained.
However, on a more positive note for the economy, total commercial finance rose 8.2 per cent in July to $29.785 billion, up from $27.537 billion in June. Lease finance was up 3.2 per cent $386 million, compared with $374 million the month before, and housing finance for owner occupation rose 2.3 per cent to $13.761 billion in July, up from $13.458 billion in June.
(Source: Business Spectator)