The data is here: Australia data for May Home loans: +1.0% m/m (vs. expected +1.5%)

Westpac's quick response makes some very pertinent points (this is in brief):

  • This is the second monthly observation since APRA's macro prudential tightening announced in late March
  • Some of the rise in owner occupier loans is likely due to switching between investor and owner occupier loan products
  • the value of investor loans and total value of loans ... both look to have held up a bit better than expected
  • Overall, the numbers tell us little about the extent of the slowdown following the macro-prudential tightening. Other, timelier indicators such as auction activity and price growth show a material slowdown coming through
  • the banks made a second round of loan rate increases in June a full picture is unlikely to emerge until much later in the year


Update .... AUD is a little higher, dragging the NZD up a little also. NZD has lost ground net on the session so far: