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Financial News: Australia's Home Loans Decline In March

Australia's Home Loans Decline In March

05/12/2019 - 22:59:00 (RTTNews)

(RTTNews) - Australia's lending to households declined in March, data from the Australian Bureau of Statistics showed Monday.

The number of loans to owner occupied dwellings decreased by a seasonally adjusted 2.8 percent from the previous month. Economists had forecast a 0.5 percent drop. On a yearly basis, loans plunged 13.8 percent in March.

Further, data showed that the value of new lending commitments to households fell 3.7 percent, reversing a 2.2 percent rise in February.

"All components of new lending to households were weaker in March, more than offsetting a bounce in lending activity seen in February," ABS Chief Economist, Bruce Hockman, said.

Total lending to households and businesses showed a monthly fall of 2.6 percent taking the annual decrease to 10.5 percent.

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