ONLY CHARTS #622

Aus & NZ credit growth, Aus building costs inflation, Aus underemployment, Aus job mobility, US PCE inflation, US GDP, China PMI

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1. Housing credit growth in Australia was unchanged in June at +0.55% m/m.

Investor housing credit growth remained strong at +0.81% m/m and owner-occupier housing credit growth continued to be more moderate at +0.45% m/m.

Evidence of sharply lower new housing loan applications in Q2 should weigh on housing credit growth in the near term.

2. Housing credit growth in New Zealand remained sluggish at +0.4% m/m in June. Owner-occupier credit growth is particularly soft.