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While home buyers returned to the market in November consumers and businesses still remain cautious about taking on debt.
According to data released by the ABS yesterday, the value of commercial finance commitments fell in November by 10.4 per cent, seasonally adjusted, to $28.375 billion. This represents a decline of close to 40 per cent since November 2007.
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Personal finance commitments also continued to decline; they fell by 1.8 per cent from October, seasonally adjusted, and 14.8 per cent from November 2007.
Owner occupied housing finance inched up in November by 1.4 per cent.
