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5671.0 - Lending Finance, Australia, Dec 2004  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 15/02/2005   
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DECEMBER KEY FIGURES

Nov 2004
Dec 2004
Nov 2004 to Dec 2004
$m
$m
% change

TREND ESTIMATES
Housing finance for owner occupation
10,662
10,808
1.4
Personal finance
6,317
6,337
0.3
Commercial finance
26,447
26,778
1.3
Lease finance
547
551
0.8
SEASONALLY ADJUSTED ESTIMATES
Housing finance for owner occupation
10,719
11,018
2.8
Personal finance
6,241
6,294
0.9
Commercial finance
25,841
25,944
0.4
Lease finance
543
522
-3.8

Personal finance
Graph: Personal finance

Commercial finance
Graph: Commercial finance



DECEMBER KEY POINTS


HOUSING FINANCE FOR OWNER OCCUPATION

  • The total value of owner-occupied housing commitments excluding alterations and additions increased by 2.8% (seasonally adjusted) in December 2004. The trend series increased by 1.4%.


PERSONAL FINANCE
  • The seasonally adjusted series for total personal finance commitments rose by 0.9% in December 2004. Fixed lending decreased by 4.6% while revolving credit commitments increased by 5.8%.
  • The total personal finance trend series increased by 0.3% in December 2004, the third consecutive increase after ten monthly decreases.


COMMERCIAL FINANCE
  • The total commercial finance series (seasonally adjusted) rose by 0.4% in December 2004. Fixed lending increased by 4.6% while revolving credit decreased by 7.4%.
  • The purchase of dwellings by individuals for rent or resale (seasonally adjusted) series rose by 5.4% in December 2004, the second consecutive increase after a reported decrease of 7.9% in October.
  • The trend series for total commercial finance increased by 1.3% in December 2004. The fixed lending rose by 2.7% and revolving credit trend series fell by 1.4%.


LEASE FINANCE
  • Lease finance (seasonally adjusted) decreased by 3.8% in December 2004.
  • The lease finance trend rose by 0.8% in December 2004, the seventh consecutive monthly increase.


NOTES

EXPECTED CHANGES

Introduction of New Accounting Standards


The introduction of new accounting standards for businesses and government will occur over the period from 1 January 2005 to 31 December 2006. These standards may have impacts on data reported to the ABS. The changes will be introduced by business and government in accordance with their external reporting cycles, and thus there is no single cutover date. The ABS is preparing an information paper expected for publication by end of February which discusses the changes and the potential impacts on ABS statistics.


The series published in this publication are compiled in accordance with statistical standards, not accounting standards. In principle, therefore, there should be no breaks in series as a result the introduction of new accounting standards. In practice, the ABS expects that some data reported will change, and additional data quality assurance measures have been introduced to identify such cases. When a significant change is identified, the ABS will discuss the nature of the change with the data providers and where necessary, make adjustments on the basis of advice received. Where such adjustments are made, their nature and size will be noted on page 2 "changes this issue".


For this release there were no identified impacts or adjustments made.


Expected revisions


Following consultation with a number of data providers, revisions to a number of series in this publication have been advised to the ABS. We intend to incorporate these revisions into published statistics next month. These revisions will affect estimates of the levels of housing finance, but are unlikely to cause significant changes to percentage movements for key series.



INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Vincent Nguyen on Canberra (02) 6252 6398.



SUMMARY OF FINDINGS


HOUSING FINANCE FOR OWNER OCCUPATION

The total value of commitments excluding alterations and additions (seasonally adjusted) increased by 2.8% in December 2004. The trend series increased by 1.4%.


For further information, please refer to Housing Finance, Australia (cat. no. 5609.0).



PERSONAL FINANCE

In seasonally adjusted terms, total personal finance increased to $6,294 million (up 0.9%) in December 2004. Revolving credit commitments increased by 5.8% while fixed lending decreased by 4.6%. The trend series increased by 0.3%.


In original terms, revolving credit commitments increased by 1.6% in December 2004. Both secured and unsecured revolving credit increased by 1.6%.


In original terms, fixed lending commitments decreased by 8.2% (down $252m) in December 2004. This was due mainly to decreases in total motor vehicles (down 15.2%) and other fixed lending (down 12.9%).



COMMERCIAL FINANCE

Total commercial finance series (seasonally adjusted) increased to $25,944 million (up 0.4%) in December 2004. Fixed lending increased by 4.6% while revolving credit decreased by 7.4%. The trend series increased by 1.3%.


In original terms, fixed lending commitments increased by 14.4%. Large increases were recorded in other fixed lending (up 23.4%), refinancing (up 57.6%) and purchase of real property (up 5.1%). Wholesale finance decreased by 18.5%.


The seasonally adjusted purchase of dwellings for rent or resale by individuals series increased to $4,790 million (up 5.4%) in December 2004. The trend series increased by 2.0% in December 2004, the fourth consecutive monthly increase after ten monthly decreases.

PURCHASE OF DWELLINGS BY INDIVIDUALS FOR RENT OR RESALE
Graph: Purchase of dwellings by individuals for rent or resale




LEASE FINANCE

Total lease finance series (seasonally adjusted) decreased to $522 million (down 3.8%) in December 2004. The lease finance trend series grew by 0.8% in December 2004, the seventh consecutive monthly increase.



ADDITIONAL TABLES ON AUSSTATS


TABLES AVAILABLE ON AUSSTATS

Additional tables are available from the AusStats service on <http://www.abs.gov.au> by selecting Time Series Spreadsheets and then Finance.


Tables available are:

  • longer time series of tables in this publication
  • the following tables
      C1a. Commercial finance commitments (original, seasonally adjusted, trend)
      C1b. Commercial finance commitments, fixed loans and revolving credit
      C1c. Commercial finance commitments, fixed loans and revolving credit by lender
      C1d. Commercial finance commitments, fixed loans by industry
      C1e. Commercial finance commitments, revolving credit by industry
      C2 to C9. Commercial finance commitments, fixed loans and revolving credit by state and territory
      L1a. Lease finance commitments, summary (original, seasonally adjusted, trend)
      L1b. Lease finance commitments by purpose
      L1c. Lease finance commitments by purpose and lender
      L1d. Lease finance commitments by industry
      L2 to L9. Lease finance commitments by purpose and state and territory
      OL1b. Operating lease finance commitments by purpose
      OL1c. Operating lease finance commitments by lender
      OL1d. Operating lease finance commitments by industry
      OL2 to OL9. Operating lease finance commitments by purpose and state and territory
      P1a. Personal finance commitments, summary (original, seasonally adjusted, trend)
      P1b. Personal finance commitments, fixed loans and revolving credit
      P1c. Personal finance commitments, fixed loans and revolving credit by lender
      P2 to P9. Personal finance commitments, fixed loans and revolving credit by state and territory
      13 Lending Finance Seasonal Factors, By Purpose and Lender: Australia, January 1985 to December 2005

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