Australian bank lending advanced by 0.2 pct in June

Australian bank lending rose in June, according to a central bank statement.

Loans provided by banks and other finance companies gained 0.2 per cent from May, when they increased 0.5 per cent, the Reserve Bank of Australia said in Sydney today. The median estimate of 18 economists surveyed by Bloomberg News was for a 0.4 per cent gain. Lending increased 2.8 per cent from a year earlier.

Loans to consumers to buy houses gained 0.4 percent from May and rose 8.2 per cent from a year earlier, according to today’s statement. Credit provided to consumers for purchases other than housing fell 0.3 per cent from a month earlier for an annual gain of 3.1 per cent.

Lending to companies was unchanged from May, for an annual decline of 5 per cent.