Evidence this morning from the Australian Bureau of Statistics that at least some prudent people used their $900 bonuses to pay something off their credit cards. The figures for personal finance reveal that in April revolving credit commitments in seasonally adjusted terms decreased 2.9%. Overall the value of total personal finance commitments increased 0.2% with fixed lending commitments up 3.8% largely as the result of loans for housing.
Business lending remains in a decline with the seasonally adjusted series for the value of total commercial finance commitments decreased 12.9% in April 2009 compared with March 2009. This was driven by falls in fixed lending commitments (down 17.9%) and revolving credit commitments (down 1.2%).The value of commitments for the purchase of dwellings by individuals for rent or resale (trend) increased 1.3% in April 2009, following a revised increase of 1.2% in March 2009. The seasonally adjusted series rose 5.3% in April 2009.