Australian private sector credit data for July comes in at a m/m beat

Australia Private Sector Credit for July +0.4% m.m

• expected +0.3% m/m, prior +0.3%

+4.4% y/y

• expected +4.4% y/y, prior +4.5%

Detail in the table above,

• housing credit up m/m, down y/y
• credit to business up m/m, down y/y

For the m/m both housing and business were expected a little weaker but they aren't. Still, the y/y is showing a decline.

Maybe a not as bad as expected result is the best way to sum this up? But, that has been the story for Oz economy for a good while now, its bumbling along doing OK, not great. No need for the doomer narrative.

AUD not doing a lot today … external factors still weighing on it and its had a bad week - on the week's low (or thereabouts) as I post and back to the area it hit during the government leadership spill.

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For background, preview is here:

• Australia data due at 0130GMT - Private Sector Credit for July

more to come