SUMMARY OF FINDINGS
HOUSING FINANCE FOR OWNER OCCUPATION
The total value of owner occupied housing commitments excluding alterations and additions increased by 0.2% (seasonally adjusted) and the trend series rose 1.3%.
For further information, please refer to Housing Finance, Australia (cat. no. 5609.0).
PERSONAL FINANCE
In seasonally adjusted terms, the value of total personal finance commitments rose by 2.2% in May 2007 compared with April 2007. This increase was due to a rise in revolving credit commitments (up 5.6%), offset by a fall in fixed lending commitments (down 1.4%).
In trend terms, the value of total personal finance commitments rose 0.3% in May 2007. The trend series rose in both fixed lending commitments (up 0.5%) and revolving credit commitments (up 0.2%).
In original terms, fixed lending commitments increased by $643m (up 22.9%) in May 2007 compared with April 2007.
The main components in the original series contributing to this increase were:
- Other, up $150m (19.8%),
- Total motor vehicles, up $148m (20.7%),
- Refinancing, up $142m (23.7%)
COMMERCIAL FINANCE
The seasonally adjusted series for the value of total commercial finance commitments rose by 1.1% in May 2007. This increase was due to a rise in both revolving credit commitments (up 2.4%) and fixed lending commitments (up 0.3%).
The trend series for the value of total commercial finance commitments rose 0.4% in May 2007. This was due to a rise in revolving credit commitments (up 1.5%), which was partially offset by a decrease in fixed lending commitments (down 0.4%).
The value of purchases of dwellings by individuals for rent or resale (seasonally adjusted) rose 5.4% in May 2007, after an increase of 3.0% in April 2007. The trend series rose 2.8% in May 2007.
PURCHASE OF DWELLINGS BY INDIVIDUALS FOR RENT OR RESALE
LEASE FINANCE
The value of lease finance commitments (seasonally adjusted) decreased by 3.2% in May 2007. The trend series for lease finance commitments rose by 1.5%.
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