‘Major changes’ to credit aggregates

Ian Rogers Finance regulation

A new method for calculating the monthly financial aggregates published by the Reserve Bank of Australia “are likely to result in revisions, some of which may be significant,” the RBA said on Friday.

In its quarterly Statement on Monetary Policy the RBA explained that “from the July 2019 release onwards,” the credit aggregates “will incorporate an improved conceptual framework and a new data collection.” The RBA will publish the July data on Friday, 30 August.

The RBA backgrounded its thinking on this topic in its March 2019 Bulletin, but the timing of these revisions is new.

In March, the RBA said the new measure of owner-occupier housing lending would be lower  than in the past, while the investor housing lending aggregate will be higher.

The RBA and also the Australian Bureau of Statistics have received “parallel run data” for the new financial aggregates since April.