• The January figures showed a 1.5% fall, against a +0.5% expected
• December’s -1.5% was revised lower to -2.1%
• The loans to investors was improved, +4.4%, with December’s reading revised up from -2.4% to -2.0%
• Note that January’s figures are often volatile
• nevertheless, some economists are arguing that these weak numbers support the case for further RBA rate cuts