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Financial News: Australia Home Loans Rise 1% In May

Australia Home Loans Rise 1% In May

07/10/2017 - 22:15:00 (RTTNews)

(RTTNews) - The total number of home loans in Australia gained a seasonally adjusted 1.0 percent on month in May, the Australian Bureau of Statistics said on Tuesday - standing at 54,061.

That missed forecasts for 1.5 percent following the 1.9 percent decline in April.

Loans for the construction of new dwellings gained 2.4 percent at A$6.024 billion, while loans for the purchase of new dwellings jumped 3.7 percent to A$2.886 billion and loans for the purchase of established dwellings added 0.7 percent to A$45.152 billion.

The value of loans gained 2.9 percent to A$20.717 billion after falling 0.9 percent a month earlier.

Investment lending sank 1.4 percent to A$12.315 billion after sliding 2.3 percent in the previous month.

The value of overall lending gained 1.3 percent to A$33.032 billion.

Also on Tuesday, business confidence in Australia saw a marginal improvement in June, the latest survey from the National Australia Bank revealed with an index score of +9.

That's up from +8 in May, and it moves further into positive territory and the realm of optimism.

The bank also said its index for business conditions picked up steam last month, jumping to +15 from +11 in the previous month.

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