5671.0 - Lending Finance, Australia, Oct 2003
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 12/12/2003
Page tools:
 Print Page
 Print All
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
FEATURE ARTICLE - INTRODUCTION OF CONCURRENT SEASONAL ADJUSTMENT
OCTOBER KEY POINTS HOUSING FINANCE FOR OWNER OCCUPATION
PERSONAL FINANCE
COMMERCIAL FINANCE
LEASE FINANCE
NOTES CHANGES IN THIS ISSUE From this issue, the concurrent seasonal adjustment methodology has replaced the forward factor approach used up until now. New seasonal factors based on the concurrent adjustment method have been incorporated, resulting in revisions to all seasonally adjusted and trend series. A note showing the impacts of the change in methodology on the series in this publication is available on the ABS website (www.abs.gov.au) by selecting Products & Information, 5671.0, and by clicking on AusStats. New forward factors will be generated each month under the concurrent adjustment method. The new forward factors are available as an additional table on AusStats. SUMMARY OF FINDINGS HOUSING FINANCE FOR OWNER OCCUPATION The total value of commitments (seasonally adjusted) increased by 0.7% in October 2003. The trend series continued its run of increases since September 2000, with the monthly increase of 2.3% influenced by the strength in the seasonally adjusted series in previous months. For further information refer to Housing Finance For Owner Occupation, Australia (cat. no. 5609.0). PERSONAL FINANCE Total personal finance commitments (seasonally adjusted) rose by 1.5% to $6 986 million in October 2003. Revolving credit commitments continued to grow, rising by 0.6% to $3 955 million in October, following a 5.1% increase in September. Fixed lending commitments increased by 2.7% to $3 031 million in October. The total personal finance commitments trend series increased by 2.5% in October 2003. The revolving credit trend series increased by 3.0%, while the fixed lending series rose by 1.8% in October. COMMERCIAL FINANCE Total commercial finance commitments (seasonally adjusted) grew by 24.6% to $29 555 million in October 2003. This increase was driven by rises in fixed lending (up 5.9%) and revolving credit (up 63.8%, following a transfer of a large revolving credit balance from a registered financial corporation to a bank). The purchase of dwellings for rent or resale by individuals (seasonally adjusted) increased 3.7% in October 2003 to reach $6 100 million. The trend for this series rose by 3.8% in October, continuing the growth evident since November 2001. In original terms, commercial finance for housing (including finance for construction and finance for rent or resale) was 34.3% higher in October 2003 compared with October 2002, while housing for owner occupation (including alterations and additions) increased by 35.2% over the same period. In seasonally adjusted terms, the volatile lease finance series increased by 13.7% to $628 million in October 2003, after a 4.6% fall in September. The lease finance trend series grew by 2.6% in October 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. Document Selection These documents will be presented in a new window.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
