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UBS Analysis: record credit growth in April 2022
1 June 2022
Lending acceleration: fastest system credit growth since 2008
Total gross loans & advances in April-22 grew by 0.8% m/m. The y/y accelerated further to 9.2%, with business lending again leading (1.0% m/m, 11.7%% y/y), as demand remains high given the lengthening of working capital cycles and inventory shortages from supply chain bottle necks. Meanwhile, total housing loans (0.5%, +8.2% y/y) picked up further to the fastest y/y pace since mid- 2010 – driven by owner-occupied (0.5%, +9.5%), ahead of investors (0.5%, 5.6%). Even personal stopped contracting m/m (0.3% m/m, albeit -2.8% y/y).
Total private deposit growth remains strong – A$175bn of excess deposits
Deposits grew (+0.7%) in the month, largely driven by business (+0.6%) and total household deposits maintained +0.7% growth over the month. Needing to fund higher loan growth, Macquarie is taking share in household deposits and we note term deposit rates are starting to move higher following the change in cash rate.
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