Lending to businesses edged up slightly in November as loans to property investors contracted to unprecedented levels on an annualised basis.
Fresh numbers from the Reserve Bank of Australia suggest overall private sector credit grew by 0.1 per cent during the month, short of market expectations of a 0.2 per cent rise.
Credit for mortgages increased by 0.2 per cent in November, less than the 0.3 per cent gain in October, while credit to business was also up 0.2 per cent for the month and personal credit fell 0.5 per cent.
The financial aggregates data released by the central bank on Monday indicated overall credit rose 2.3 per cent over the past year as housing credit grew 2.9 per cent, the slowest rate since records started in 1976, while business credit gained 2.5 per cent and personal credit fell 4.9 per cent.
Loans to property investors fell 0.1 per cent during the month and, in another all-time low, shrank 0.3 per cent over the past year.
Owner-occupier credit increased by 0.4 per cent in November, the smallest monthly gain since June, and the 4.7 per cent annual rise was the weakest since March 2014.
AAP
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