Revolving credit for finance industry jumps in December
Revolving credit for the finance and insurance industry jumped to $2.21 billion from $1.7 billion in December, reversing the trend of the previous month, according to data released by the Australian Bureau of Statistics. Revolving credit dropped from $2.10 billion from October to November.
However, fixed loans for the finance and insurance industry continued to slide in the same month, dropping slightly from $2.43 billion to $2.38 billion.
New and increased revolving credit commitments among bank lenders rose from $7.10 billion to $10 billion from November to December, while the non-banks' new and increased limit for revolving credit rose from $1.02 billion to $2.91 billion.
The jump in revolving credit commitments was responsible for a rise in total commercial finance commitments in December, rising 1.8 per cent during the month. Fixed lending commitments dropped by 13 per cent in the same period, offsetting the rise in credit commitments.
Commercial finance loans for financial companies dropped from $312 million to just over $284 million in December.
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