Total housing debt for the year to May was $236.38 billion, up 8 per cent. Meanwhile, ASB noted that the overall fall in credit growth was reinforced by the rapid decline in agriculture credit growth. We expect this dynamic to continue over 2017 before credit growth takes an upward turn as we head into 2018," they said. Consumer credit growth consolidated its recent increases at $15.29b, up 5.6 per cent for the second month in a row. - See the Reserve Bank data here

Source: New Zealand Herald July 04, 2017 05:48 UTC