Data published by the Australian Bureau of Statistics (ABS) showed that producer prices rose by 0.9% q/q in the 4th quarter after an increase of 1.8% q/q in the 3rd quarter. Economists had expected price growth to accelerate to 1.9% q/q. It was the 14th straight period of growth amid high crude oil and energy prices. In annual terms, producer prices rose by 4.1% (the strongest growth since the 1st quarter of 2023) after an increase of 3.8% in the 3rd quarter. The latest change coincided with economists' forecasts.
The ABS stated that the main upward contributors were the output of building construction (+1.9% q/q), motor vehicle and motor vehicle part manufacturing (+2.4% q/q), and output of heavy and civil engineering construction (+0.6% q/q).
A separate report from the ABS showed that in December, the value of owner-occupied home loans fell by 5.6% m/m, to A$16.77 billion, after rising by 0.5% m/m in November. Investment lending fell 1.3%, to A$9.50 billion, after rising 1.9% in November. Overall home loans slipped 4.1% m/m, to A$26.27 billion. In annual terms, owner-occupied loans rose 7.4%, investment lending surged 20.4% and overall lending was up 11.7%.