ONLY CHARTS #580
Aus credit growth, Aus trade, NZ building, US ISM, US data surprise, Aus hours worked
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1. Housing credit growth in Australia remained strong in April at +0.64% m/m. Investor housing credit growth strengthened a little to +0.93% m/m while owner-occupier housing credit growth slowed a bit to just under +0.5% m/m.
2. It is likely that Australia’s housing credit growth had topped out prior to the May federal Budget. We expect uncertainty related to the tax measures in the Budget - and tighter monetary policy - to weigh on credit growth in coming months.
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