(Australia) Australians’ personal finance borrowing increased by three percent in May after dropping by almost six percent in April, according to figures released by the Australian Bureau of Statistics.The ABS said borrowings on credit cards, overdrafts and personal loans increased to $5.91 billion in May, with the biggest contributor coming from borrowing on motor vehicles.
Home lending increased by 2.8 percent in May to $9.64 billion up from $9.373 billion the previous month. Commercial finance, on the other hand, dipped by 2.3 percent from April’s figure of $21,947 billion down to $21,433 billion in May.
A growth in lease finance for earthmoving equipment and construction saw the lease finance category rise more than 20 percent, from $521 billion in April to $627 million in May.