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Private sector credit weakest in 19 months

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SYDNEY, Dec 31 AAP

December 31 2012, 12:50AM

The amount of private sector credit issued was at its weakest level in 19 months in November.

Total credit provided to the private sector by banks and other lenders was unchanged in November, after a rise of 0.1 per cent in October.

November was the weakest monthly outcome since April 2011 according to the seasonally adjusted data released by the Reserve Bank of Australia (RBA) on Monday.

Over the 12 months to November total credit rose by 3.5 per cent, the Reserve Bank of Australia (RBA) said.

Business credit decreased by 0.6 per cent in November, also the weakest level since April 2011.

That followed a 0.3 per cent fall in October, but over the year to November business credit increased by 2.4 per cent.

Housing credit went up 0.4 per cent in November, after rising by the same amount in October and was up 4.6 per cent over the year to November.

Other personal credit fell by 0.2 per cent in November, after rising 0.1 per cent the month before and fell 0.7 per cent in the 12 months to November.