Growth in selected financial aggregates [D1]

D1 Growth in Selected Financial Aggregates

Financial aggregates are compiled by the RBA using data primarily supplied by authorised deposit-taking institutions (ADIs) and non-ADIs. All growth rates for the financial aggregates are seasonally adjusted, and adjusted for the effects of breaks in the series. The data for the levels of financial aggregates in Tables D2 and D3 are not adjusted for series breaks.

Historical levels and growth rates for the financial aggregates are often revised owing to the resubmission of data by some financial intermediaries, the re-estimation of seasonal factors and the incorporation of securitisation data. The RBA credit aggregates measure credit provided by financial institutions operating domestically. They do not capture cross-border or non-intermediated lending.

Following the introduction of an interest rate differential between housing loans to investors and owner-occupiers in mid 2015, a number of borrowers changed the purpose of their existing loan. Growth rates of ‘Owner-occupier housing’ and ‘Investor housing’ have been adjusted for this over the period from mid to late 2015, when switching of loan purpose was unusually large, but not thereafter. For more information, including on past treatment of switching, see Measures of Investor and Owner-Occupier Housing Credit (available at <https://www.rba.gov.au/publications/smp/2018/feb/box-d-measures-of-investor-and-owner-occupier-housing-credit.html>).

From July 2019, the financial aggregates are compiled using an improved conceptual framework and a new data collection. This is referred to as the Economic and Financial Statistics Collection. All growth rates have been adjusted for the effects of breaks in the series resulting from these changes. For more information, see Updates to Australia’s Financial Aggregates (available at <https://www.rba.gov.au/publications/bulletin/2019/mar/updates-to-australias-financial-aggregates.html>).