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Household borrowings of loans have reached record levels, according to the Australian Bureau of Statistics.
New data has revealed that Australian households had $1,837 billion of outstanding credit at the end of June. This marked a 10.3 per cent increase on the previous year.
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Household demand for credit during the June quarter reached $36 billion – a 62.2 per cent jump on the June 2013 quarter.
The total financial assets of households also rose 11.6 per cent to $3,887 billion.
Meanwhile, the Australian Bureau of Statistics has found that Australia’s population reached 23.4 million at the end of March following annual growth of 1.7 per cent.
Western Australia recorded the biggest growth, with 2.5 per cent, while Tasmania had the slowest growth, with 0.3 per cent.
There were also increases of 1.9 per cent for Victoria, 1.6 per cent for NSW and Queensland, 1.4 per cent for Northern Territory and the ACT, and 0.9 per cent for South Australia.
Director of demography Denise Carlton said net overseas migration was the main contributor to the population growth of NSW and Victoria, with figures of 67 and 57 per cent respectively.
"Notably, the net overseas migration contribution to Victoria's growth is below the Australian rate of 60 per cent, which highlights the recent increase in net interstate migration to the state,” she said.
"We're also seeing fewer people moving to Queensland and Western Australia. Queensland recorded one of its lowest annual gains on record, slowing by 65 per cent in five years.
“Meanwhile, NSW recorded its lowest annual interstate loss in nearly 30 years and Victoria recorded its highest annual gain on record."
