May real estate loans -0.1% m / m (expected -1.0%)

I've posted a quick overview of this earlier if you want a background:

Nominal mortgage loans -0.1% m / m for a negative result but still better than expected

• expected -1.0%
• before -1.1%

More, via Australian Bureau of Statistics:

• After adjusting for seasonal variations, lending commitments to households fell 1.3% in May 2019, following a 0.6% rise in April.
• The decline in loans to households can be explained by owner-occupied dwellings excluding refinancing (down 2.7%) and investment dwellings excluding refinancing (down 1.7%).
• In terms of trend, loan commitments for owner-occupied housing excluding refinancing decreased by 0.5% and non-refinancing investment-type dwellings decreased by 1.4% in May 2019.

This release is considered a substitute (it remains to be seen if this remains to be justified), as the positive effects of the May elections, the RBA rate cuts, government tax cuts and the lifting of restrictions loan are expected.

ForexLive