Australia Private Sector Credit for March: +1.1% m/m (expected 0.3%)

March data only begins to capture the tsunami hit to the economy from the coronavirus outbreak.

+1.1% m/m

• expected 0.3% m/m, prior 0.4%

+3.6% y/y

• expected 2.8%y/y, prior 2.8%

Good results, but its the results from April on that will display the impact of the voc1 outbreak on the economy. Some of the credit jump will be due to business precautionary shoring up of balance sheets, borrowing for cash flow as their revenues declined.

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For background on this:

• Australian Private Sector Credit data for March is due today - preview