The RBA released the October credit aggregates this morning and what the RBA itself defines as 'modest' credit growth continues.
Owner-occupier mortgage debt was up 7.1% annualised and investor mortgages 6.9%. Other personal loans clocked up 5%.
Business credit is still in serious decline, down at a 9.3% annualised rate.
No sign here of any dislocation in housing-related debt, however the Minsky-like moment arrived in early November.
As this blogger has argued before, these levels are consistent with flat and falling house prices.
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