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Aussies remain cautious about personal credit

09/01/2012

Research by AMP found personal credit rose marginally by 0.1 per cent in November but remains down 1.1 per cent over the year.

“Australian consumers appear to have minimal interest to borrow for spending purposes or to acquire assets,” AMP's senior economist Bob Cunneen said.

“Business credit was flat in November and has barely expanded by 0.9 per cent over the past year. This sluggish corporate borrowing arguably also reflects a preference to use retained earnings rather than use external funding sources.

“With that in mind, we believe the RBA will lower Australia's official cash rates by a further 0.25 per cent to 4.0 per cent in February.”

Source: The Adviser



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