Australian Lending Grows at Weakest Pace Since 2002
Dec. 31 (Bloomberg) -- Lending to Australian consumers and businesses rose at
the slowest pace in six years in November, reinforcing speculation the central
bank will cut interest rates further to bolster the flagging economy..
Total credit provided by banks and other finance companies advanced 0.4 percent
from the previous month, the smallest increase since October 2002, the Reserve
Bank of Australia said in Sydney today. The median estimate of 16 economists
surveyed by Bloomberg was for a 0.5 percent gain.
The central bank has slashed rates by three percentage points since early
September to 4.25 percent to bolster an economy that last quarter grew at the
slowest pace in eight years. Investors have a 100 percent expectation the
policy makers will lower the benchmark by one percentage point on Feb. 3,
according to a Credit Suisse index based on swaps trading.
“We are looking for further interest-rate cuts from the Reserve Bank,” said
Craig James, chief equities economist at Commonwealth Bank of Australia in
Sydney. “We will see these credit numbers come off further as the economy
slows.”
The Australian dollar traded at 69.13 U.S. cents at 11:55 a.m. in Sydney from
68.94 cents before the report was released. The currency has slumped 21 percent
this year, heading for its worst annual decline on record. The two-year bond
yield fell 1 basis point, or 0.01 percentage point, to 2.74 percent.
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