Subdued lending could stall the economy

Housing credit growth continues to surge but lending activity appears to have peaked, which could put the economy's rebalancing process at risk.

Housing speculation continues to drive credit growth across the country. Lending otherwise remains quite muted, reflecting both the high existing stock of credit to businesses and households and the subdued outlook for the Australian economy.

Housing credit rose by 0.6 per cent in November, to be 7.1 per cent higher over the year. Growth continues to be concentrated among investors, with credit outstanding to this segment rising by 10 per cent over the year to November.

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