Property investors have driven a surge that has seen credit growth hit a five-year high.
Private sector credit growth rose 0.5% in November, the AAP has reported. New RBA
figures show the growth in outstanding credit followed a 0.5% rise in September. The result brought credit growth on an annualised basis to 5.9%, the fastest pace since January 2009.
Housing investors were the leading factor in the growth, with lending to investors up 10% on an annualised basis. Owner-occupier housing credit also grew, rising by 5.7%.