Personal loan uptake drops in June, ABS figures show

Tuesday 31 July 2012

Article by Mozo

Aussies appeared to be wary about getting into too much debt last month, as the demand for personal loans declined.

New figures released by the Australian Bureau of Statistics (ABS) showed that uptake was down by 0.2 per cent in seasonally-adjusted terms.

Personal loan uptake drops in June, ABS figures show

The report also confirmed that credit card debt accounts for around one-third of personal arrears.

According to the Australian, the number of business loans issued throughout the month was up by 0.5 per cent and home lending increased by 0.3 per cent.

However, economists at ANZ said that loans for owner-occupied housing rose by 0.2 per cent, which was the slowest increase in this particular market since records began.

These results are disappointing considering the recent cuts to interest rates across the country.

Last month, the Reserve Bank of Australia trimmed the national cash rate by 25 points, which followed on from a 50-point adjustment in May. Most economists believe that further reductions are unlikely in the near future.

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