Accoriding to Veda’s Consumer Credit Demand Index: July-September 2012, Australian consumers remain cautious in their attitude to credit despite RBA rate cuts; Govt’s mid-year budget review may reinforce trend:
- Overall consumer credit demand falls 1% year on year
- Credit card applications down 10% year on year
- Personal loan applications up 7% year on year
- Mortgage enquiries remain flat
Against the backdrop of the Federal Government’s mid-year budget review, Veda, Asia Pacific’s leading provider of consumer and commercial data intelligence and insights released the results of its consumer credit demand index for the third calendar quarter of 2012. The results show that overall consumer credit demand contracted by 1.4% for the September quarter, continuing Australian consumers’ trend of cautious spending and debt reduction. The index measures the change in credit demand for the September quarter compared to the same period in 2011. To read the full release click on the link: Veda’s Consumer Demand Index: July-September 2012
Veda also released the results of its business credit demand index for the third calendar quarter of 2012. The results show that the rate of growth in business credit applications picked up by 6.8% in the September quarter compared to this time last year, with indications that the two-speed economy is still evident.
The growth in overall business credit applications reflects quarterly growth over the past year in business loans (+9.5%), asset finance (+9.2%), and trade credit (+3.0%).
The RBA has cut the cash rate by 150 basis points since November last year, and Veda’s business credit data for the third calendar quarter of 2012 indicates that the rate cuts are having a significant effect on business credit enquiries. To read the full release click on the link: Veda’s Business Credit Demand Index: Jul-Sep 2012
Source: Veda Advantage – A member of BIIA