Total credit (series ended June 2019), Australia
Total credit (series ended June 2019) in Australia was A$2,938.6 bn in , up 0.3% from and up 3.5% from a year earlier. Over the latest 12 readings it moved between A$2,853.9 bn and A$2,938.6 bn. Source: RBA, RBA table D2; history from .
Key takeaways
- Total credit (series ended June 2019) at A$2,938.6 bn in beats 100% of readings since (RBA).
- Against a ten-year average of A$2,349.8 bn, total credit (series ended June 2019) is above that norm by A$588.8 bn (RBA).
- Total credit (series ended June 2019) has risen for 96 readings in a row up to (RBA).
What this indicator is and why it matters
Total credit was the Reserve Bank of Australia's broadest measure of credit owed by Australian households and businesses, including financial businesses, from table D2 (series DLCACS), seasonally adjusted. Publication stopped in June 2019, and the history from 2006 is kept here.
Over those years it shows the steady growth of Australian private debt, driven mostly by housing, and the sharp slowdown in business borrowing during the global financial crisis. It remains useful for studying how Australia's credit cycle unfolded before the RBA changed its data framework.
The pitfall is joining it to the current series. Its replacement, total credit excluding financial businesses, removes lending to financial businesses to avoid counting the same credit twice, so its level is lower and its growth can differ. The two series should not be spliced into one line. As with other table D2 levels, this history also contains breaks from loan reclassifications and changes in reporting that are adjusted for in the RBA's growth rates but not in the levels shown here.
Where it sits in history
Total credit (series ended June 2019) is at its highest since the series starts in . Within ten years, total credit (series ended June 2019) beats 100% of readings.
| Window | Latest is higher than | Average | Highest | Lowest |
|---|---|---|---|---|
| Since January 2006 | 100% of readings | A$2,178.1 bn | A$2,938.6 bn | A$1,331.7 bn |
| Last ten years | 100% of readings | A$2,349.8 bn | A$2,938.6 bn | A$1,910.7 bn |
| Last five years | 100% of readings | A$2,631.7 bn | A$2,938.6 bn | A$2,277.7 bn |
- Total credit (series ended June 2019) A$2,939bn
Recent readings
Last five years
- Total credit (series ended June 2019) A$2,939bn
Latest readings
| Period | Value | Change from previous |
|---|---|---|
| A$2,938.6 bn | +0.3% | |
| A$2,930.3 bn | +0.0% | |
| A$2,929.6 bn | +0.1% | |
| A$2,925.6 bn | +0.1% | |
| A$2,922.8 bn | +0.2% | |
| A$2,917.3 bn | +0.2% | |
| A$2,911.4 bn | +0.3% | |
| A$2,903.9 bn | +0.3% | |
| A$2,894.7 bn | +0.4% | |
| A$2,884.1 bn | +0.5% | |
| A$2,869.8 bn | +0.6% | |
| A$2,853.9 bn | +0.5% | |
| A$2,839.3 bn | +0.4% |
Annual averages
By calendar-year average, total credit (series ended June 2019) peaked in (A$2,849.8 bn) and bottomed in (A$1,421.6 bn). 2019 to date: A$2,927.4 bn, after A$2,849.8 bn in 2018.
| Year | Average | Low | High | Readings |
|---|---|---|---|---|
| 2019 (part year) | A$2,927.4 bn | A$2,917.3 bn | A$2,938.6 bn | 6 |
| 2018 | A$2,849.8 bn | A$2,788.2 bn | A$2,911.4 bn | 12 |
| 2017 | A$2,718.1 bn | A$2,656.7 bn | A$2,780.0 bn | 12 |
| 2016 | A$2,575.1 bn | A$2,514.5 bn | A$2,642.0 bn | 12 |
| 2015 | A$2,424.7 bn | A$2,355.4 bn | A$2,501.2 bn | 12 |
| 2014 | A$2,281.0 bn | A$2,223.0 bn | A$2,341.9 bn | 12 |
| 2013 | A$2,173.0 bn | A$2,136.6 bn | A$2,218.8 bn | 12 |
| 2012 | A$2,103.2 bn | A$2,062.4 bn | A$2,132.1 bn | 12 |
| 2011 | A$2,024.8 bn | A$1,991.8 bn | A$2,058.6 bn | 12 |
| 2010 | A$1,961.4 bn | A$1,934.7 bn | A$1,987.0 bn | 12 |
| 2009 | A$1,913.3 bn | A$1,904.3 bn | A$1,928.3 bn | 12 |
| 2008 | A$1,853.1 bn | A$1,786.3 bn | A$1,903.4 bn | 12 |
| 2007 | A$1,641.6 bn | A$1,522.6 bn | A$1,766.9 bn | 12 |
| 2006 | A$1,421.6 bn | A$1,331.7 bn | A$1,506.7 bn | 12 |
How is it measured?
Total credit, seasonally adjusted. Discontinued by the RBA in June 2019; see au_total_credit_excl_financial.
RBA publishes total credit (series ended June 2019) monthly in RBA table D2, in AUD and is seasonally adjusted. Code: DLCACS. Method for total credit (series ended June 2019).
Questions
How high is total credit (series ended June 2019) in Australia now?
A$2,938.6 bn in (RBA), up 3.5% on a year earlier.
Is total credit (series ended June 2019) high by historical standards?
Total credit (series ended June 2019) beats 100% of readings since ; its peak was A$2,938.6 bn (), its low A$1,331.7 bn ().
When is total credit (series ended June 2019) updated?
Monthly, in RBA table D2.
Where can I check total credit (series ended June 2019) at the source?
RBA data, code DLCACS.