5671.0 - Lending Finance, Australia, Nov 2003  
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 21/01/2004   
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FEATURE ARTICLE - INTRODUCTION OF CONCURRENT SEASONAL ADJUSTMENT

NOVEMBER KEY FIGURES

TREND ESTIMATES
% change
Oct 2003
Nov 2003
Oct 2003 to
$m
$m
Nov 2003
Housing finance for owner occupation
11,432
11,528
0.8
Personal finance
6,874
6,982
1.6
Commercial finance
25,396
26,114
2.8
Lease finance
603
620
2.9
SEASONALLY ADJUSTED
% change
Oct 2003
Nov 2003
Oct 2003 to
$m
$m
Nov 2003
Housing finance for owner occupation
11,500
11,107
–3.4
Personal finance
6,928
6,904
–0.4
Commercial finance
29,454
24,063
–18.3
Lease finance
626
639
2.2




NOVEMBER KEY POINTS


HOUSING FINANCE FOR OWNER OCCUPATION
  • The total value of owner-occupied housing commitments decreased by 3.4% (seasonally adjusted) in November 2003. The trend series increased by 0.8%.

PERSONAL FINANCE
  • The seasonally adjusted series for total personal finance commitments fell by 0.4% in November 2003, primarily due to a fall in fixed lending commitments (down 1.3%). Personal revolving credit commitments eased from the larger increases of the previous four months to a 0.3% increase.
  • The total personal finance trend series continued to rise, increasing by 1.6% in November, although its growth is slowing. The fixed lending and revolving credit series increased by 1.1% and 1.9% respectively.

COMMERCIAL FINANCE
  • The total commercial finance series (seasonally adjusted) declined by 18.3% in November 2003, returning towards recent historical levels after a large rise in the revolving credit component in October. Fixed lending fell by 2.9%.
  • The purchase of dwellings by individuals for rent and resale (seasonally adjusted) decreased by 2.8% in November 2003, following rises in the previous six months.
  • The trend series for total commercial finance increased by 2.8% in November 2003. Increases were recorded in fixed lending (up 2.0%) and revolving credit (up 4.3%).

LEASE FINANCE
  • Lease finance (seasonally adjusted) increased by 2.2% in November 2003, following a 12.8% rise in October.
  • The lease finance trend rose by 2.9% in November 2003.


NOTES


CHANGES IN THIS ISSUE

There are no changes in this issue.

SUMMARY OF FINDINGS


HOUSING FINANCE FOR OWNER OCCUPATION

The total value of commitments (seasonally adjusted) decreased by 3.4% in November 2003, after a decrease of 0.5% in October. The trend series eased to an increase of 0.8% in November.

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


PERSONAL FINANCE

The seasonally adjusted series for total personal finance fell by 0.4% to $6 904 million in November 2003, after increases in the previous six months. Fixed lending fell by 1.3% to $2 972 million, following increases in the previous seven months. Personal revolving credit commitments eased from the larger increases of the previous four months to a 0.3% increase in November.

The total personal finance commitments trend series increased by 1.6% in November 2003. The trend for revolving credit commitments increased by 1.9%, while the fixed lending trend grew by 1.1%.

In original terms, fixed lending commitments decreased by 9.1% to $2 783 million in November 2003, largely driven by the fall in motor vehicles (down $118 million).

COMMERCIAL FINANCE

The seasonally adjusted total commercial finance series decreased by 18.3% in November 2003, returning towards recent historical levels after a large rise in the revolving credit component in October. Fixed lending fell by 2.9%.

The growth in the total commercial finance trend estimate eased to an increase of 2.8% in November 2003. The fixed lending trend rose by 2.0% and the revolving credit commitments trend rose by 4.3%.

The seasonally adjusted purchase of dwellings for rent or resale by individuals (investment housing) series decreased to $5 832 million (down 2.8%) in November 2003, following six months of strong growth. The growth in the investment housing trend series eased for the fourth consecutive month to a rise of 2.0% in November.

Purchase of dwellings by individuals for rent or resale, seasonally adjusted and trend




LEASE FINANCE

In seasonally adjusted terms, the lease finance series increased by 2.2% to $639 million in November 2003, after a 12.8% increase in October. The lease finance trend series grew by 2.9% in November 2003.

FURTHER INFORMATION

For further information about these and related statistics, contact Vincent Nguyen on Canberra 02 6252 6398, or the ABS National Information and Referral Service on 1300 135 070.