Westpac posts sluggish private credit growth

The lender’s senior economist said the 0.2% growth as "sub-par".

Data from Westpac has revealed that credit extended to people in the private sector, for example through credit cards, rose slightly during July.

Following a decline of 0.1 per cent the month before – the first fall recorded since 2008-09 – the figure returned to positive growth again, rising 0.2 per cent.

However, the improvement was met with muted enthusiasm by Westpac senior economist Andrew Hanlan, who described it as "sub-par".

He added that forecasts that the economy would start to pick up following the extreme weather conditions and natural disasters that plagued the nation in the first quarter had proved to be incorrect.

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