(16 January 2013 – Australia) While economists expected a 0.5 percent improvement in the number of home loans approved in November, data released by the Australian Bureau of Statistics showed a surprise fall by 0.5 percent to 46,199.The lower lending data for housing loans reflected the “balance sheet repair” mentality of Australians, with another source adding that the national household savings rate was near 10 percent, the highest in three decades.
The soft data also showed a lack of consumer confidence amid continued job uncertainty, they added.
At the same time, the average credit card balance fell by a record 2.3 percent over the year to November, according to Reserve Bank of Australia (RBA) data released this week.
A source’s statistics showed that 60 percent of its credit card customers were paying off their outstanding debt in full and avoiding charges.
‘Consumers are living within their means and prefer to use their own money to make purchases than put it on credit,’ said CommSec Chief Economist Craig James.