24712 – Credit Flow

Credit Flow measures the volume of new housing lending actually written by Australian banks in a quarter — how much money moved, in dollars, to owner-occupiers and to investors.

The node is a component of Financing & Volatility Conditions (24710), which in turn sits within the APN Investment Conditions Index™ (24700). It is a national time series, not a geographic one — there is no locality distribution or map at this node.

It is reported separately from Cost of Capital (24711) and Lending Standards (24713) because volume, price and credit quality are three different properties of a lending market and can move independently of one another.

Both inputs come from the Australian Prudential Regulation Authority’s Quarterly Property Exposures collection, which reports term loans funded during the quarter. They are combined at equal weight, so a movement in owner-occupier lending and an equal movement in investor lending carry the same influence on the reading.

The June 2026 quarter is the most recent quarter for which both inputs are available. The standardised column expresses each against its own comparison window.

New housing lending volumes in the June 2026 quarter sit above their recorded averages on both measures, with the composite reading of +1.67 placing the quarter at the 97th percentile of this node's record.

Investment lending is the more elevated of the two at +1.35, against +0.92 for owner-occupied lending. Investor credit is running further above its own recorded norm than owner-occupier credit is above its own. The two categories are measured against separate comparison windows and their standardised readings describe distance from each category's own history, not their size relative to each other — owner-occupied lending remains the substantially larger of the two in dollar terms.

Lending volume is elevated in the same quarter that Cost of Capital (24711) records its most elevated reading on record. Volume and price are measured separately here and this node makes no claim about the relationship between them.

• Short comparison history — disclosure required. Both inputs begin in the March quarter of 2019, giving twenty-eight quarters of history against the fifteen-year comparison window used elsewhere on the platform. Both are flagged as holding fewer observations than the standard requires. Readings from this node carry that qualification and should not be read as resting on the same depth of history as nodes drawing on the full window.
• The comparison window includes the pandemic period. A history beginning in 2019 places the 2020–21 lending disruption inside a short record rather than at the edge of a long one, which affects both the average and the spread this quarter is measured against.
• Reporting lag. The regulator publishes this collection with a delay, so this node's most recent complete quarter will typically sit one quarter behind those drawing on Reserve Bank tables. The parent node combines components as at differing quarters by design.
• Comparison basis. The position ranks this quarter against the 30 quarters in which both inputs are present. That full-coverage basis is the ratified one across the 24700 series; the all-rows basis is retired. Every quarter in this node's record holds complete coverage, so both bases return 96.6.
• Signed direction. This component enters the index as it reads: stronger credit flow is a supportive condition for investment. Its signed and intensity positions are therefore identical.

The other five components of Financing & Volatility Conditions (24710). Each is independently certified and enters that branch at equal weight.