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5671.0 - Lending Finance, Australia, Nov 2004  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 19/01/2005   
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NOVEMBER KEY FIGURES

Oct 2004
Nov 2004
Oct 2004 to Nov 2004
$m
$m
% change

TREND ESTIMATES
Housing finance for owner occupation
10,422
10,519
0.9
Personal finance
6,296
6,308
0.2
Commercial finance
25,934
26,720
3.0
Lease finance
545
560
2.7
SEASONALLY ADJUSTED ESTIMATES
Housing finance for owner occupation
10,318
10,668
3.4
Personal finance
6,561
6,212
-5.3
Commercial finance
26,171
25,911
-1.0
Lease finance
538
552
2.7

Personal finance
Graph: Personal finance

Commercial finance
Graph: Commercial finance



NOVEMBER KEY POINTS


HOUSING FINANCE FOR OWNER OCCUPATION

  • The total value of owner-occupied housing commitments excluding alterations and additions increased by 3.4% (seasonally adjusted) in November 2004. The trend series increased by 0.9%.


PERSONAL FINANCE
  • The seasonally adjusted series for total personal finance commitments fell by 5.3% in November 2004. Fixed lending increased by 1.3% while revolving credit commitments decreased by 10.7%.
  • The total personal finance trend series increased by 0.2% in November 2004, the first monthly increase after eleven consecutive monthly decreases.


COMMERCIAL FINANCE
  • The total commercial finance series (seasonally adjusted) fell by 1.0% in November 2004. Fixed lending decreased by 5.5% while revolving credit increased by 8.6%.
  • The purchase of dwellings by individuals for rent or resale (seasonally adjusted) series rose by 5.5% in November 2004, after a reported decrease of 4.9% in October.
  • The trend series for total commercial finance increased by 3.0% in November 2004. The fixed lending and revolving credit trend series rose by 2.6% and 3.7%, respectively.


LEASE FINANCE
  • Lease finance (seasonally adjusted) increased by 2.7% in November 2004, after a 4.6% fall in October.
  • The lease finance trend rose by 2.7% in November 2004, the sixth consecutive monthly increase.


NOTES

CHANGES IN THIS ISSUE

As part of ongoing improvements to the ABS seasonal adjustment methodology, an improved method for removing trading day effects from seasonally adjusted estimates has been introduced. Corrections for trading day effects are now applied as prior corrections to the original estimates, rather than being applied within the seasonal adjustment process. This is consistent with treatment of appropriate corrections for extremes, changes in level, changes in seasonal pattern, Easter, and other effects. This change in methodology will result in revisions to seasonally adjusted and trend estimates.



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 3.4% in November 2004. The trend series increased by 0.9%.


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



PERSONAL FINANCE

In seasonally adjusted terms, total personal finance fell by 5.3% to $6,212 million in November 2004 after two consecutive monthly increases. Fixed lending increased by 1.3% while revolving credit commitments decreased by 10.7%. The trend series increased by 0.2%.


In original terms, revolving credit commitments decreased by 0.5% in November 2004. This was due to the decrease in unsecured revolving credit (down 14.9%) more than offsetting the increase in secured revolving credit (up 15.6%).


In original terms, fixed lending commitments increased by 8.9% (up $250m) in November 2004. This was due mainly to increases in refinancing (up $74m, 14.1%), total motor vehicles (up $65m, 7.2%) and other fixed lending (up $40m, 5.2%).



COMMERCIAL FINANCE

Total commercial finance series (seasonally adjusted) decreased by 1.0% to $25,911 million in November 2004. Fixed lending decreased by 5.5% while revolving credit increased by 8.6%. The trend series increased by 3.0%.


In original terms, fixed lending commitments decreased by 5.6%. Decreases were recorded in refinancing (down 53.4%) and construction finance (down 45.7%). In contrast, there were significant increases in other fixed lending (up 16.6%) and purchase of real property (up 5.5%). Revolving credit commitments (original) increased by 21.0%.


The seasonally adjusted purchase of dwellings for rent or resale by individuals series increased to $4,441 million (up 5.5%) in November 2004. The trend series increased by 0.4% in November 2004, the first increase after twelve consecutive 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) increased by 2.7% to $552 million in November 2004. The lease finance trend series grew by 2.7% in November 2004, the sixth consecutive monthly increase.

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