[D2] Lending and credit aggregates

D2 LENDING AND CREDIT AGGREGATES

Financial aggregates are compiled by the RBA using data primarily supplied by authorised deposit-taking institutions (ADIs) and non-ADIs. The data for the levels of financial aggregates in Tables D2 and D3 are not adjusted for series breaks. The growth rates published in Table D1 are adjusted for these breaks, and accordingly are a better measure than growth rates calculated from this table.

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.

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. Various movements from the June 2019 to July 2019 reporting periods are sizable, in part because the new data collection more consistently classifies loans according to their purpose. 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>).

‘Narrow credit’ includes ‘Loans and advances by AFIs’ plus ‘Bill acceptances’. AFIs refers to ADIs and non-ADIs.

From April 2023, the financial aggregates were revised to remove the effect of lending to warehouse trusts in business credit. Warehouse trusts are revolving credit facilities used by non-bank lenders to fund the origination of loans. Including lending to warehouse trusts in business credit double counts loans from non-banks that are separately included in housing or business credit. Total and business credit excluding financial businesses are the longest series available, starting from April 2003. The financial aggregates also include a series of total business credit that excludes loans to warehouse trusts, available from July 2019. Business and total credit that includes lending to warehouse trusts were discontinued as at 30 June 2019. The following series were discontinued as at 30 June 2019: • Loans and advances; Banks (DLCALAB) • Loans and advances; NBFIs (DLCALAFNBFI) • Loans and advances; AFIs (DLCALANBFI) • Bills on issue (DLCABOI) • Narrow credit (DLCANCN) • Narrow credit; Seasonally adjusted (DLCANCS) • Credit; Total (DLCACN) • Credit; Total; Seasonally adjusted (DLCACS) • Credit; Business (DLCACBN) • Credit; Business; Seasonally adjusted (DLCACBS) This change will not affect the content of the series. The following series were added to the table, available from April 2003: • Loans and advances excluding financial businesses; Banks (DLCALAFB) • Loans and advances excluding financial businesses; NBFIs (DLCALAFNBFI) • Loans and advances excluding financial businesses; AFIs (DLCALAFAFI) • Bills on issue to non-financial businesses (DLCANFBOI) • Narrow credit excluding financial businesses (DLCANCFN) • Narrow credit excluding financial businesses; Seasonally adjusted (DLCANCFS) • Credit; Total; excluding financial businesses (DLCACFN) • Credit; Total; excluding financial businesses; Seasonally adjusted (DLCACFS) • Credit; Non-financial business (DLCACNFBN) • Credit; Non-financial business; Seasonally adjusted (DLCACNFBS) These series capture credit to non-financial businesses. This includes lending to community service organisations and non-financial businesses.

The following series were added to the table, available from July 2019: • Credit; Total including select financial businesses (DLCACSFN) • Credit; Total including select financial businesses; Seasonally adjusted (DLCACSFS) • Credit; Business including select financial businesses (DLCACSFBN) • Credit; Business including select financial businesses; Seasonally adjusted (DLCACSFBS) These series capture credit to non-financial businesses plus lending to select financial businesses. Select financial businesses include lending to superannuation funds, insurance companies, financial auxiliaries and investment funds. These series are break and seasonally adjusted.